Roche (AO) | Buy | Obesity updates at ADA are incremental positives

研报英文原文证据摘录

Roche (AO) | Buy | Obesity updates at ADA are incremental positives

News comment

Release date: 09 June 2026

David Evans

Head of Pharma & Biotech Sector Research

+44 (0) 207 621 5197

devans@keplercheuvreux.com

BuyRoche

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Obesity updates at ADA are incremental positives

Key points:

Here we give a brief summary of Roche's investor call from ADA, covering phase 2 data presentations on 1) enicepatide (CT-388) –

their lead GLP1/GIP weekly injection for obesity, and 2) petrelintide (their amylin drug partnered from Zealand)..

In summary, Roche’s argument makes a lot of sense: that enicepatide is looking like it might well be the best in class GLP1/GIP

injection: potential for better efficacy than Zepbound (well over 25% weight loss potential in our view), with similar tolerability

that looked quite good albeit with some confusing outliers.

And in amylin, petrelintide tolerability profile (new at ADA) really was excellent, though the efficacy which we already knew

previously (only up to 10.7% weight loss) underwhelmed us when we first heard it.

But these two drugs could a) offer really different options for different customer/patient groups, and b) look viable as a

potentially very good combination.

There is still a lot to prove in phase 3, and commercially, in the future - but ADA this weekend showed us that Roche is

incrementally more "on track" with these two obesity assets than we previously thought.