European Pharmaceuticals & Biotechnology "Feedback from ADA: take 1" Deng

Research evidence excerpt

European Pharmaceuticals & Biotechnology "Feedback from ADA: take 1" Deng

efinopegdutide and

mazdutide. However, the tolerability profile of survodutide has not changed much in P3 Nusrat Hossain

and it appears worse than LLY's retatrutide (GLP-1/GIP/GCGR), which also has the Associate Analyst

glucagon component and has much higher weight loss efficacy, tailored for the highly nusrat.hossain@ubs.com

+44-20-7883 1586medicalised market (some overlap to where survodutide could be positioned). Given the

poor tolerability data of survodutide, and the strong data of retatrutide also containing

glucagon component (ie will likely have glucagon specific liver benefits as well) with

filing due 2026, we believe the usage of survodutide will likely be highly limited.

Roche/Zealand

Petrelintide - full data of P2b ZUPREME-1 in obesity without type 2

diabetes (T2D): Not much surprise given previous headline data. The weight loss

curves look comparable to other drugs and it is encouraging to see dose response

from dose 1 to 3 (5 doses tested). We also note the placebo like GI side effects on

vomiting and diarrhea across all doses, which is highly encouraging. It is intriguing

in our view, that petrelintide does not appear to delay gastric emptying, unlike

other GLP-1 based therapies. We see this as datapoint supporting potentially

differentiated patient weight loss experience using amylin versus GLP-1 based

drugs, which is a key attraction for the amylin class. For P3, Zealand/Roche does

not plan to dose higher than dose 3, which is a prudent in our view, as this is likely

to maximally preserve the strong tolerability profile without compromising weight

loss efficacy.

Enicepatide (CT-388) - full P2 data in obesity without T2D: Overall the