LLY: Running Away at ADA in Injectables with Retatrutide Results and Eloralintide Conviction; Foundayo Full Launch Coming Soon

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LLY: Running Away at ADA in Injectables with Retatrutide Results and Eloralintide Conviction; Foundayo Full Launch Coming Soon

FLASH NOTE

June 8, 2026

Seamus Fernandez seamus.fernandez@guggenheimpartners.com LLY: Running Away at ADA in Injectables with

617 859 4637 Retatrutide Results and Eloralintide Conviction;

Evan Wang

evan.wang@guggenheimpartners.com Foundayo Full Launch Coming Soon

212 651 9756

Alana Lelo, Ph.D. Key Message: We attended the American Diabetes Association (ADA) Annual Meeting

alana.lelo@guggenheimpartners.com this weekend where LLY's retatrutide Phase 3 TRANSCEND-T2D-1 and TRIUMPH-1 212 518 9955

data dominated the discussions and catalyzed another potential rethink of what the

Zach Dunn, Ph.D. dominant therapies in obesity will be. Saturday's investor event highlighted: (1) the wide

zach.dunn@guggenheimpartners.com potential of reta that "can fill multiple roles" with particular emphasis on the one-step

617 859 4603 4mg dose, but more data are need to confirm safety/tolerability and we await body

Colleen Garvey, Ph.D. composition results; (2) with Foundayo, mgmt remains "really excited" about positioning

colleen.garvey@guggenheimpartners.com 2 months into launch with more details on "full promotional levers" to come "very soon";

617 859 4664 and (3) eloralintide, while not a focus of the conference, will be "one of the largest clinical

development programs in Lilly's history" and includes the potential combo eloralintide +

tirzepatide opportunity. In our view, LLY is poised to establish an even wider innovation

LLY drivenglobal launch.lead in the injectable obesity space and is only getting started with Foundayo's

Eli Lilly and Company

Sector: Global Biopharmaceuticals LLY investor event emphasized even broader opportunity for RETA than