iUS Large Cap BioPharma ADA 2026 Preview: PFE’s Monthly GLP-1 & LLY’s Retatrutide in Focus

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iUS Large Cap BioPharma ADA 2026 Preview: PFE’s Monthly GLP-1 & LLY’s Retatrutide in Focus

lly, we will be looking for any readthrough

on longer-term efficacy, including the shape of the weight loss curves & any data on

patients who have continued past week 28 (although we see tolerability as more important

to determine the product’s role in the market).

• Overall, we believe the risk/reward for PFE shares has become more attractive into

ADA following the recent Vyndamax settlement and with shares back in the ~$25

range. Heading into ADA, we see fairly low investor expectations for PFE’s GLP-1,

while valuation (~8.5x 2026 EPS) limits downside from here as well. Additionally, we

see top-line data as indicating a generally competitive weight loss profile (potentially

between Wegovy and Zepbound with less questions on tolerability relative to Maritide)

with the convenience of monthly dosing (a segment of the market in which neither Lilly

nor Novo Nordisk has a clear late-stage asset). As a result, depending on the full

tolerability data, we would not be surprised to exit the update with investors assigning

more value to PFE’s obesity portfolio and the potential for the company to have a

competitive monthly asset. Finally, while data for the amylin + GLP-1 combination will

not come at ADA, it is anticipated in 2H26, and this appears to be the primary focus for

PFE within the broader obesity portfolio.

• Finally, looking at competitor datasets at the conference, we are primarily focused

on AZN’s oral GLP-1 data. At the conference, we will also see full Ph2 data for 1)

AZN’s elecoglipron/AZD5004 (oral GLP-1) in obesity & T2D, 2) Zealand/Roche’s

petrelintide (amylin) in obesity, and 3) Roche’s enicepatide (injectable GLP-1/GIP) in

obesity.