Kailera Therapeutics Attractive and Diverse Portfolio of GLP-1 Medicines: Initiating Coverage with an Overweight Rating, Dec-2026 Price Target of $30/Share

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Kailera Therapeutics Attractive and Diverse Portfolio of GLP-1 Medicines: Initiating Coverage with an Overweight Rating, Dec-2026 Price Target of $30/Share

Investment Thesis: Kailera Is an Attractive Partner for Large Pharma with

Broad Obesity Portfolio That Can Raise the Bar

Attractive Partnership Candidate for

Broad Obesity Portfolio Potential to Raise the Bar

Large Pharma

⚫Broad portfolio including both injectable ⚫Injectable ribupatide: We think weight loss ⚫Many large pharma companies looking to

and orals and targeting combinations should exceed that from Zepbound enter/accelerate into obesity mkt, likely

of GLP-1, GIP, and Glucagon receptors (potentially best in GLP-1/GIP class along one of the largest therapeutic markets

(option to in-license additional assets). with VKTX2735). of all time with JPMe $200bn+ global

market sales in 2030.

⚫Portfolio includes options for both ⚫Exceeding LLY’s retatrutide more

induction (starting weight-loss journey) challenging – see less ⚫We estimate Kailera annual sales of

as well as maintenance therapies. differentiation here. $2bn/$4bn in 2035/2040 and combined

peak sales of ~$5bn.

⚫Addresses diverse patient needs and ⚫Oral ribupatide could have compelling

preferences. tolerability/titration profile – potentially ⚫Similar to Metsera (acquired by PFE for

best among orals. ~$10bn), Kailera's portfolio offers

⚫Little clinical development risk (e.g.,

multiple shots on goal.

trial failure) in our view, enhancing the ⚫Potentially more seamless transition for

likelihood of regulatory approval: maintenance from injectable to oral ⚫Ron Renaud, CEO, has led three

ribupatide (same molecule) leading to companies to acquisitions by major

⚫1) Viking Therapeutics (VKTX)

better efficacy and tolerability. pharmaceutical firms (to Merck, Sanofi,