US Pharma: Weekend Report Card from ADA

Research evidence excerpt

US Pharma: Weekend Report Card from ADA

RBC Capital Markets, LLC

Trung Huynh (Analyst)

(415) 212-0012,

trung.huynh@rbccm.com

Justin Burns, CFA (Vice

President)

(415) 445-8668,

justin.burns@rbccm.com

June 8, 2026

US Pharma: Weekend Report Card from ADARESEARCH Lilly's Obesity Dominance Reinforced at ADA

Our view: Lilly emerged as the clear winner from ADA. TRIUMPH-1 reinforced retatrutide's position

as the leading efficacy asset in obesity while easing a key investor concern around cardiovascular

safety. Lilly's analyst event further highlighted the depth of its obesity franchise, with expectations for

broader use of retatrutide, upcoming eloralintide data (mono and combination therapy in 2H26), and

a pipeline that continues to raise the competitive bar. Pfizer's update on brenobentide was largely

in line with expectations. While efficacy remains encouraging, investor attention remains focused

on tolerability, differentiation, and the practicality of a monthly dosing regimen in an increasinglyEQUITY

competitive obesity market. We do not believe the ADA presentation materially improved Pfizer's

competitive positioning, with ph3 data likely required to meaningfully de-risk the program. Novo, Roche

and Zealand all presented datasets, but none stood out with competitive risk/reward profiles compared

to LLY’s offerings, in our view, collectively underscoring the challenge competitors face in closing the

gap with Lilly. Overall, ADA modestly strengthens our positive view on Lilly and leaves us incrementally

more cautious on Pfizer.

Lilly (Positive)

• RETA-TRIUMPH-1 reinforced retatrutide as the efficacy benchmark in obesity

• Cardiovascular safety signal but company confident due to more frequent monitoring rather than true

safety signals