Biopharma: Takeaways from ADA Conference and KOL meeting

研报英文原文证据摘录

Biopharma: Takeaways from ADA Conference and KOL meeting

Idea

June 8, 2026 12:10 AM GMT

Morgan Stanley & Co. LLCMBiopharma | North America Terence C Flynn, Ph.D.

Equity Analyst

Takeaways from ADA Terence.Flynn@morganstanley.comHailey Horowitz +1 212 761-2230

Research Associate

Hailey.Horowitz@morganstanley.com +1 212 761-5264

Conference and KOL meeting Alexander Yevdokimov, Ph.D.

Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

ADA updates from LLY, PFE, and GPCR provide further insights Chris Yu, J.D., Ph.D.

into the diabesity competitive landscape. We continue to believe EquityChris.L.Yu@morganstanley.comAnalyst +1 212 761-2535

the $190bn market will support multiple players, with different Connor M Massari

therapies carving out roles across distinct patient populations. EquityConnor.Massari@morganstanley.comAnalyst +1 212 761-2417

Damien H Kerner

LLY (OW) - exiting ADA remains extremely well positioned with one of the Research Associate

broadest diabesity portfolios in the industry, which we believe is a key Damien.H.Kerner@morganstanley.com +1 212 761-3829

competitive advantage: (1) Zepbound/Mounjaro (Tirzepatide; GLP-GIP) has positive Morgan Stanley India Company Private Limited+

Saket Agarwalhead-to-head Ph3 data vs. Novo's Semaglutide (GLP) in obesity and T2D, (2) LLY has

a portfolio of pipeline drugs with novel mechanisms of action such as Retatrutide Saket.Agarwal@morganstanley.com +91 22 6995-4012

(GLP-GIP-glucagon; featured at ADA) and Eloralintide (injectable selective amylin),

and (3) a small molecule oral GLP-1 pill in Foundayo (notably this is not a peptide

like Novo's oral Wegovy, which constrains scalability). LLY's CSO recently noted (see

HERE) that Retatrutide (Reta) could represent a “workhorse” for obesity patients