AZN-LON: ADA Takeaways - Eleco Adds Foundayo-Like Scalable Oral GLP1 to AZN's CardioMet Franchise; Mgmt Continues Emphasizing Underappreciated Combo Pot'l and Global Muscle

研报英文原文证据摘录

AZN-LON: ADA Takeaways - Eleco Adds Foundayo-Like Scalable Oral GLP1 to AZN's CardioMet Franchise; Mgmt Continues Emphasizing Underappreciated Combo Pot'l and Global Muscle

FLASH NOTE

June 8, 2026

Seamus Fernandez seamus.fernandez@guggenheimpartners.com AZN-LON: ADA Takeaways - Eleco Adds Foundayo-

617 859 4637 Like Scalable Oral GLP1 to AZN's CardioMet

Zach Dunn, Ph.D.

zach.dunn@guggenheimpartners.com Franchise; Mgmt Continues Emphasizing

617 859 4603 Underappreciated Combo Pot'l and Global Muscle Alana Lelo, Ph.D.

alana.lelo@guggenheimpartners.com

212 518 9955 Key Message: AZN-LON finally revealed the long-awaited Ph 2b oGLP elecoglipron data

Colleen Garvey, Ph.D. that was teased in February, where the VISTA (obesity) and SOLSTICE (T2DM) studies

colleen.garvey@guggenheimpartners.com revealed a profile broadly in-line with LLY's Foundayo, supporting our multiblockbuster

617 859 4664 elecoglipron estimates (see HERE). As shown in our obesity comp table (see full

note), elecoglipron led to comparable weight loss and AEs (esp. DC due to AE Evan Wang

evan.wang@guggenheimpartners.com and vomiting) in VISTA, while SOLSTICE showed eleco improved A1C and WL

212 651 9756 reductions vs. active comparator, oral sema (14mg). While we believe differentiation as

a monotherapy is unlikely for elecoglipron but in line with our and investor expectations

(per our conversations), AZN highlighted the ability to potentially differentiate on: (1)

combinations, esp with dapa, (2) established presence in primary care, and (3) a strong

global footprint. We are encouraged by mgmt's confidence in the liver safety profile for AZN.LN eleco (orfor had a few obese patients with bilirubin elevations), although statins were AstraZeneca PLC