NOVO.B-CSE: Our Stats Analysis Suggests a Clinically Meaningful Benefit is Likely in ZEUS, Potentially Unlocking a Multi-Billion Dollar Oppt'y in Inflammation Driven-CVD

Research evidence excerpt

NOVO.B-CSE: Our Stats Analysis Suggests a Clinically Meaningful Benefit is Likely in ZEUS, Potentially Unlocking a Multi-Billion Dollar Oppt'y in Inflammation Driven-CVD

Global Biopharmaceuticals July 13, 2026

Seamus Fernandez

seamus.fernandez@guggenheimpartners.com NOVO.B-CSE: Our Stats Analysis Suggests a Clinically Meaningful Benefit is

617 859 4637 Likely in ZEUS, Potentially Unlocking a Multi-Billion Dollar Oppt'y in Inflammation Debjit Chattopadhyay, Ph.D.

debjit.chattopadhyay@guggenheimpartners.com Driven-CVD

212 823 6584

Alana Lelo, Ph.D. Key Message: In this report, we evaluate the PoS of NOVO'B-CSE's ZEUS CVOT hitting its primary MACE-3 endpoint via a alana.lelo@guggenheimpartners.com

212 518 9955 comprehensive statistical analysis, and conclude that success is highly likely and a clinically significant benefit (HR <= 0.85) is probable.

If we are correct, ZEUS has the potential to reinvigorate the market for inflammation-driven CVD targets, a potential megablockbuster

Hannah Wei opportunity where the ZEUS population may only be the beginning for development of anti-IL6 antibodies (NOVO and NOVN lead

hannah.wei@guggenheimpartners.com here), as well as the growing number of inflammasome-targeted assets (NEK7 and NLRP3 assets which broadly include GLUE, BIOA, 212 518 5896

NMRA, LLY, NOVO, NOVN, and privately held Nodthera among others). This report details our work wherein, at the final analysis

Evan Wang (certainty or an interim was low), our work suggests that ZEUS is extremely well-powered and can succeed with only a ~12% (HR

evan.wang@guggenheimpartners.com ≤0.878) MACE benefit. Moreover, our time to event analysis would suggest that a clinically significant benefit of 15%+ (HR <=

212 651 9756 0.85) is probable using publicly available information.