Kailera Therapeutics Attractive and Diverse GLP-1 Portfolio – Initiating Coverage with an Overweight Rating

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Kailera Therapeutics Attractive and Diverse GLP-1 Portfolio – Initiating Coverage with an Overweight Rating

J P M O R G A N North America Equity Research

12 May 2026

Initiation

Kailera Therapeutics Overweight

KLRA, KLRA US

Attractive and Diverse GLP-1 Portfolio – Initiating Price (11 May 26):$22.93

Coverage with an Overweight Rating Price Target (Dec-26):$30.00

We are initiating coverage of Kailera Therapeutics (KLRA) with an Overweight Pharmaceuticals — Major &

rating and a $30 YE26 price target. Kailera is a biotech with 4 clinical-stage obesity Specialty

medications in its pipeline. The lead asset is ribupatide (a GLP-1/GIP dual receptor Hardik Parikh, CFA AC

agonist), which the company is developing in both injectable and oral formulations. (1 212) 622-2875

Both formulations are in/will soon enter global ph3 trials, and we think they should hardik.k.parikh@jpmorgan.com

reach market in around 2029. Please see our initiation deck for our full thoughts. Chris Schott, CFA

(1-212) 622-5676

The company has a broad portfolio including both injectable and orals and targeting christopher.t.schott@jpmorgan.com

combinations of GLP-1, GIP, and Glucagon receptors (option to in-license additional Ethan Brown

assets) that can address diverse patient needs and preferences. We think weight loss (1-212) 622-4928

from Injectable ribupatide should exceed that from Zepbound (potentially best in ethan.brown@jpmchase.com

GLP-1/GIP class along with Viking Therapeutic’s 2735). Oral ribupatide could have Taylor Hanley

compelling tolerability/titration profile – potentially best among orals, leading to a (1-212) 622-0790

highly attractive maintenance therapy for those patients transitioning from Zepbound taylor.hanley@jpmchase.com

(market leader with ~60%+ share).