AstraZeneca: Eleco small mol oral GLP1 Phase 2 shows similar efficacy/tol. to LLY's Foundayo, credible prod, if undifferentiated as a mono, has combo dev optionality

研报英文原文证据摘录

AstraZeneca: Eleco small mol oral GLP1 Phase 2 shows similar efficacy/tol. to LLY's Foundayo, credible prod, if undifferentiated as a mono, has combo dev optionality

Equity Research

European Pharmaceuticals, Biotechnology & Life Sciences

9 June 2026

AstraZeneca

Eleco small mol oral GLP1 Phase 2

shows similar efficacy/tol. to LLY's

AZN.L/AZN LN OVERWEIGHTFoundayo, credible prod, if

European Pharmaceuticals,

Biotechnology & Life NEUTRAL

Sciencesundifferentiated as a mono, has

Price Target GBP 165.00

Price (08-Jun-26) GBP 137.96combo dev optionality Potential Upside/Downside +19.6%

Phase 2 eleco small mol oral GLP1 efficacy and safety/ Source: Bloomberg, Barclays Research

tolerability data in the ballpark of LLY's Foundayo, i.e.

competitive, but late. AZN sees differentiation on combo dev, Biotechnology & Life Sciences

and ex-US commercialisation skills. With low expect. given James Gordon +44 (0)20 7116 2784

Phase 1, data is small +ve. james.gordon@barclays.com

Barclays, UK

Yesterday, AZN presented elecoglipron (small molecule GLP-1) Phase 2 VISTA Obesity and Yihan Li, PhD

SOLSTICE T2D data at ADA, followed by an investor event. Overall, oral GLP1 eleco Phase 2 data +44 (0)20 3555 3563

yihan.li@barclays.comdemonstrated a weight loss profile that was deemed by the discussant as being in the ballpark

of existing Oral weight loss agents from NOVOB (Oral Wegovy) and LLY (Foundayo), along with a

tolerability profile that also looked broadly inline with Foundayo on Gastro and Liver side Sidhartha Modi

effects, albeit lagging NOVOB's Oral Wegovy, but also without Oral Wegovy’s fasting +91 (0)22 6175 1326

sidhartha.modi@barclays.com

requirements.

Based on this Phase 2 data, we believe eleco could be a credible alternative to Foundayo, Charles Pitman-King, CFA