Innovent’s Xinermei Intensifies Weight-Loss Drug Battle in China

Innovent Biologics is gaining momentum in China’s booming weight-loss drug market with its new therapy Xinermei, launched in July 2025. The once-weekly injectable, also known as mazdutide, joins Novo Nordisk’s Wegovy and Eli Lilly’s Mounjaro in a market forecasted to reach billions in value. Despite being a late entrant, Innovent is leveraging local consumer insight and a strategic marketing push to compete with global giants.

Unlike its rivals, Xinermei not only supports weight loss but also targets liver fat reduction, an advantage highlighted to healthcare providers. Priced at 2,920 yuan ($411) per month, the therapy is more affordable than Mounjaro but slightly above Wegovy. While not covered by China’s national insurance, demand is rising, especially among patients with obesity-related liver conditions.

Morningstar projects Xinermei to generate 600 million yuan ($84.4 million) in 2025, with peak sales of 3.5 billion yuan by 2029, contributing about 20% of Innovent’s revenue. The company’s shares have surged 155% this year, reflecting investor confidence, compared to steep declines for Novo and Lilly. Novo’s obesity care sales in China dropped from 704 million to 158 million Danish crowns quarter-over-quarter, attributed to stock fluctuations.

Innovent is rapidly expanding distribution through online platforms, pharmacies, and private hospitals, with plans to enter public hospitals. The therapy is already widely available on JD.com alongside competitors. Recent regulatory approval of mazdutide for type 2 diabetes further boosts its growth potential, with experts predicting blockbuster status.

Competition is expected to intensify as Novo’s semaglutide patent expires in 2026, paving the way for generic rivals. Analysts note that while Xinermei’s unique dual-target approach may help it stand out, its ability to fend off generics remains uncertain.