Roche ADA 2026 Feedback: CT-388 (enicepatide) weight loss remains competitive, tolerability of the 3 highest doses still needs to be optimised to reach Zepbound levels

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Roche ADA 2026 Feedback: CT-388 (enicepatide) weight loss remains competitive, tolerability of the 3 highest doses still needs to be optimised to reach Zepbound levels

J P M O R G A N Europe Equity Research

08 June 2026

Roche

ADA 2026 Feedback: CT-388 (enicepatide) weight loss Neutral

remains competitive, tolerability of the 3 highest doses ROP.S, ROP SW

still needs to be optimised to reach Zepbound levels Price (05 Jun 26):CHF325.90

European Pharmaceuticals &

Over the weekend at ADA 2026, Roche presented the detailed data from its Phase Biotechnology

II trial of CT-388 (enacipatide), its GLP-1/GIP, in Obesity. At 48 weeks, Richard Vosser AC

participants on the highest dose of CT-388 (24mg) demonstrated 22.7% weight (44-20) 7742-6652

loss from baseline of 109kg (efficacy estimand). This compares to 20.5% weight richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

loss (efficacy estimand) demonstrated by Zepbound (from a baseline of 106kg) in

Sophia Graeff Buhl Nielsen

SURMOUNT-1 at 48 weeks. Given the well matched baseline characteristics

(44-20) 7742-3918

between the trials we believe it is fair to say the weight loss is currently slightly sophia.graeffbuhlnielsen@jpmorgan.com

stronger than Zepbound. However, the GI tolerability does look currently slightly J.P. Morgan Securities plc

worse with Nausea at 39%-46% of patients; Vomiting between 21%-25% and Zain Ebrahim

Diarrhea at 16%-32% all still higher than with Zepbound (Nausea 31%; Vomiting (44-20) 3493-1163

12% and Diarrhea 23%). Putting both efficacy and tolerability together we believe zain.ebrahim@jpmorgan.com

the CT-388 profile is relatively similar to Zepbound as further work in Phase III to J.P. Morgan Securities plc

improve the tolerability profile could lead to comparable weight loss with Dhitee Goel