Eli Lilly & Co: Retatrutide delivers in TRIUMPH-1 as top efficacy option in high BMIs; full data to come at ADA

研报英文原文证据摘录

Eli Lilly & Co: Retatrutide delivers in TRIUMPH-1 as top efficacy option in high BMIs; full data to come at ADA

Equity Research

U.S. Biopharmaceuticals

21 May 2026

Eli Lilly & Co

Retatrutide delivers in TRIUMPH-1

as top efficacy option in high BMIs; First Look

LLY OVERWEIGHTfull data to come at ADA

U.S. Biopharmaceuticals NEUTRAL

In the first obesity w/o T2D P3 study for retatrutide, Price Target USD 1400.00

TRUIMPH-1 delivered on efficacy in a high baseline BMI Price (20-May-26) USD 1018.87

population and results were particularly compelling in high PotentialSource: Bloomberg,Upside/DownsideBarclays Research +37.4%

BMI subgroups. Safety looking mostly in-line with P2; full data

U.S. Biopharmaceuticalsto come at ADA.

Emily Field, CFA

+1 212 526 4160

Barclays quick take: "Triple G" did what it needed to do in TRIUMPH-1 to confirm reta's emily.field@barclays.com

status as the high-efficacy option in obesity: This morning, Eli Lilly announced topline results BCI, US

from the TRIUMPH-1 trial of retatrutide (GLP-1/GIP/glucagon) in patients with obesity with Alexandre Bouilloux

average weight loss of 28.3% at the highest dose (12mg) and ~45% of patients achieved 30%+ +1 212 526 9937

weight loss (level typically associated with bariatric surgery). In a high BMI subgroup alexandre.bouilloux@barclays.com

(35+), average weight loss was 30.3% (or ~85 lbs) at Week 104. Investors had been BCI, US

expecting reta to deliver on efficacy...so we found it notable that there was no mention of heart Xiao Guo

rate and/or cardiac arrhythmia in the PR. We touched base with the company who indicated +1 212 526 9609

that arrhythmia was consistent with what has been seen in other incretin therapies; patients on xiao.guo@barclays.com

retatrutide experienced a modest increase in heart rate.