Novo Nordisk TRIUMPH-1 confirms strong weight loss profile for retatrutide seen in TRIUMPH-4, setting the bar for injectable amycretin, UBT251 and REDEFINE-11

Research evidence excerpt

Novo Nordisk TRIUMPH-1 confirms strong weight loss profile for retatrutide seen in TRIUMPH-4, setting the bar for injectable amycretin, UBT251 and REDEFINE-11

J P M O R G A N Europe Equity Research

21 May 2026

Novo Nordisk

TRIUMPH-1 confirms strong weight loss profile for Neutral

retatrutide seen in TRIUMPH-4, setting the bar for NOVOb.CO, NOVOB DC

injectable amycretin, UBT251 and REDEFINE-11 Price (20 May 26):Dkr288.40

European Pharmaceuticals &

This morning Eli Lilly (covered by JPM Analyst Chris Schott) reported Phase III Biotechnology

TRIUMPH-1 data for retratrutide (Triple GGG) in Obese patients. The major focus Richard Vosser AC

from a Novo point of view is on the weight loss, with retatrutide (12mg) delivering (44-20) 7742-6652

25% weight loss on an ITT basis (from a baseline weight of 112.7kg). This is c. 5% richard.vosser@jpmorgan.com

higher than Novo’s CagriSema (2.4mg flexible) which showed 20.4% weight loss Sophia Graeff Buhl Nielsen

(from a baseline 107kg) in the REDEFINE-1 trial, with the higher starting weight (44-20) 7742-3918

sophia.graeffbuhlnielsen@jpmorgan.com

likely accounting for c. 1pp of the difference and potentially different trial

Zain Ebrahim

methodologies around flexible dosing also likely contributing to some of the

(44-20) 3493-1163

difference although we note retatrutide was able to demonstrate this level of zain.ebrahim@jpmorgan.com

efficacy even with a higher rate of discontinuations. On safety retratrutide J.P. Morgan Securities plc

discontinuations due to AEs (Adverse Events) for the 12mg dose was 11%

compared to 6% for CagriSema (although some of this was potentially related to Specialist Sales contact details:

concerns over the speed of weight loss with retratrutide, which Novo managed with Marjan Daeipour - Specialist Sales -