Equity Snap: Eli Lilly & Co (LLY US) Positive TRIUMPH-1, discontinuation debate

Research evidence excerpt

Equity Snap: Eli Lilly & Co (LLY US) Positive TRIUMPH-1, discontinuation debate

21 May 2026

Equity Snap: Eli Lilly & Co (LLY Equities Pharmaceuticals

US)

Positive TRIUMPH-1, discontinuation debate United States

◆ Leading efficacy product, discontinuation rate might be the Rajesh Kumar*

debate Senior Global Life Sciences & Healthcare Analyst HSBC Bank plc

rajesh4kumar@hsbcib.com

+44 20 7991 1629

Eli Lilly & Co (LLY US, USD1018.87, Reduce, TP USD850.00)

Morten Herholdt*

(Priced as of 20 May 2026) Global Life Sciences & Healthcare Analyst

HSBC Bank plc

New data shows leading efficacy: The company released positive headline data from morten.herholdt@hsbc.com

TRIUMPH-1 (NCT05929066) trials for Retratutide (triple agonist). The headline data + 44 20 7992 4082

shows dose dependent increase in efficacy, adverse events and discontinuation rate. On Akshata Agarwal*

Associate

the efficacy estimand, the trial reported -28.3% and 30.3% weight loss at 80 weeks and Bangalore

prespecified extension to 104 weeks for 12mg (highest dose) (vs. placebo -2.2% at 80

weeks). The extension to 104 weeks patients had received 9mg and 12mg doses of * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

retratutide (532 of 2,339 participants). On intention to treat (treatment regimen estimand) not registered/ qualified pursuant to FINRA regulations

12mg dose weight loss was -25% at 80 weeks and -29.9% at 104 weeks.

Adverse events such as nausea, diarrhoea, vomiting and vomiting rates were higher

than other obesity trials, along with efficacy. Dysesthesia rates in adverse events

might get some attention, albeit seems lower than earlier TRIUMPH-4. The focus

might be on discontinuation rates (11.3% at 12mg dose) which is higher than other

trials.