GLUE - TOP PICK - Increased Confidence in NVO's upcoming ZEUS Ph 3 Data Reinforces our Positive Conviction in GLUE

Research evidence excerpt

GLUE - TOP PICK - Increased Confidence in NVO's upcoming ZEUS Ph 3 Data Reinforces our Positive Conviction in GLUE

July 13, 2026

Michael Schmidt, Ph.D. michael.schmidt@guggenheimpartners.com GLUE - TOP PICK - Increased Confidence in NVO's

617 859 4636 upcoming ZEUS Ph 3 Data Reinforces our Positive

Sarah Bi, Ph.D.

sarah.bi@guggenheimpartners.com Conviction in GLUE

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Paul Jeng, Ph.D. Key Message: We recently highlighted GLUE as a top pick (see our deep-dive paul.jeng@guggenheimpartners.com here) based on our view that MRT-8102 (NEK7 degrader) is a key value driver for 617 859 4618

the stock where multiple industry data readouts in 2H26 could serve as significant

Rosy Liao, Ph.D. potential stock catalysts, and also increase the company's potential strategic value. Our

rosy.liao@guggenheimpartners.com colleagues covering NVO (team Fernandez, NOVO.B-CSE) recently conducted an in-

617 859 4663 depth statistical analysis of the ZEUS Phase 3 cardiovascular outcomes study of IL-6

mAb ziltivekimab (see here), based on which we have increased conviction in potl.

positive trial outcome in 3Q26. We believe (1) ZEUS success is highly likely, (2) a clinically

significant benefit (HR <= 0.85) is probable, (3) whereas hitting a MACE risk reduction

benefit of 20% or better (HR < 0.80) is possible, but closer to a coin flip; this result wouldGLUE BUY position the study extremely well for success on several secondary endpoints, including Monte Rosa Therapeutics, Inc.

Sector: Biotechnology CV death and potl. all-cause mortality. Should the ZEUS succeed and provide definitive

support for the inflammation hypothesis post-CANTOS, it would establish NEK7/NLRP3/

Company Update IL-1β/IL-6 as a validated therapeutic axis for targeting residual CV risk. This additional