AstraZeneca Feedback from ADA 2026: Phase II elecoglipron data shows a profile broadly in line with other oral GLP-1s, which starts to de-risk AZN’s combo strategy for diabetes

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AstraZeneca Feedback from ADA 2026: Phase II elecoglipron data shows a profile broadly in line with other oral GLP-1s, which starts to de-risk AZN’s combo strategy for diabetes

C A Z E N O V E Europe Equity Research

09 June 2026

AstraZeneca

Feedback from ADA 2026: Phase II elecoglipron data Overweight

shows a profile broadly in line with other oral GLP-1s, AZN.L, AZN LN

which starts to de-risk AZN’s combo strategy for Price (08 Jun 26):13,796p

diabetes

European Pharmaceuticals &

Yesterday at ADA, Astra presented detailed data from the Phase II studies for Biotechnology

elecoglipron (AZD5004; oral GLP-1) in Obesity (VISTA) and Type 2 Diabetes Richard Vosser AC

(SOLSTICE). In Obesity, we see elecoglipron data in VISTA depicting a broadly (44-20) 7742-6652

similar profile to other oral obesity products Foundayo and oral Wegovy. As such, richard.vosser@jpmorgan.com

J.P. Morgan Securities plc

as a pure monotherapy product for obesity, we do not, currently, see the

Zain Ebrahim

elecoglipron as being particularly differentiated, though with its profile it clearly

(44-20) 3493-1163

has a role to play in the market (from an expected launch in 2029/30). However, zain.ebrahim@jpmorgan.com

a narrow focus on the potential of elecoglipron as a monotherapy product in obesity J.P. Morgan Securities plc

misses the larger potential as a combination partner to Farxiga (SGLT-2) in Sophia Graeff Buhl Nielsen

diabetes. Not only did the elecoglipron profile in diabetes in the SOLSTICE trial (44-20) 7742-3918

look competitive with Foundayo and oral semaglutide (25mg), but we believe the sophia.graeffbuhlnielsen@jpmorgan.com

potential for the combination to become the first product to be used in diabetes has J.P. Morgan Securities plc