Roche: ADA Enicepatide GLP1/GIP Phase 2 Obesity data: Strong efficacy confirmed, but differentation and tolerability debate persists

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Roche: ADA Enicepatide GLP1/GIP Phase 2 Obesity data: Strong efficacy confirmed, but differentation and tolerability debate persists

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

8 June 2026

Roche

ADA Enicepatide GLP1/GIP Phase 2

Obesity data: Strong efficacy

ROPC.S/ROP SE OVERWEIGHTconfirmed, but differentation and

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencestolerability debate persists

Price Target CHF 410.00

Price (05-Jun-26) CHF 327.10Eni P2 confirmed competitive ~22.5% pbo-adj WL at 48wks,

could increase with longer treatment. However tolerability PotentialSource: Bloomberg,Upside/DownsideBarclays Research +25.3%

still leaves some questions on GI AEs and titration relatively

complex. We see enice combing to mkt, but facing tough European Pharmaceuticals,

competition, not core part of ROP pipeline story. BiotechnologyJames Gordon & Life Sciences

+44 (0)20 7116 2784

Yesterday, ROP presented enicepatide (CT-388, GLP1/GIP) Phase 2 obesity full data at ADA. james.gordon@barclays.com

Barclays, UKThe strong efficacy profile was already known, with 22.5% placebo-adjusted weight loss on the

efficacy estimand at 48 weeks and 18.3% on the treatment-regimen estimand, with no plateau Yihan Li, PhD

at 48 weeks, suggesting potential for greater weight loss with longer assessment. +44 (0)20 3555 3563

yihan.li@barclays.com

New was the detailed tolerabilty data, where as the market had already expected, safety/ Barclays, UK

tolerabilty still looked a little worse than LLY's already well established GLP1/GIP, Sidhartha Modi

Zepbound. GI tox at 24mg (c.60% nausea, 28% vomiting, 32% constipation, and 42% diarrehea) +91 (0)22 6175 1326

looked numerically worse vs.