US Biopharmaceuticals: ADA 2026: takeaways for our large cap pharma coverage

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US Biopharmaceuticals: ADA 2026: takeaways for our large cap pharma coverage

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US Biopharmaceuticals

ADA 2026: takeaways for our large cap

pharma coverage

Industry Overview

We attended ADA in New Orleans, where we saw additional data for PFE & LLY’s AOMs, 08 June 2026

along with data from competitor pipeline. Most notable – PFE dose conversion update Equity

and LLY commentary on low dose retatrutide (bullish but tempered). We maintain our United States

ratings for Eli Lilly and Pfizer . See body of report for details. Biopharmaceuticals

PFE: update on monthly dose conversion Jason M. Gerberry

Pfizer’s ADA update was highlighted by new Ph2 data analyses for berobenatide (MET- ResearchBofAS Analyst

097i) in obese and obese/diabetic populations, + disclosure of new details on Ph3 +1 646 743 0180

jason.gerberry@bofa.com

development plan. Berobenatide is being developed as both a weekly and a long-acting

(1x monthly) GLP-1 vs. current weeklies (Pfizer wants dosing flexibility). Pfizer contends MelanieResearch FongAnalyst

berobenatide is tracking to deliver comparable efficacy to tirzepatide based on like-for- BofAS

+1 646 855-5732

like comparisons of mid-dose and 28-week time point. We believe the debate coming melanie.fong@bofa.com

out of ADA will be around how much Pfizer can mitigate GI tolerability issues during Chi M. Fong

dose conversion to the (untested) 9.6mg high dose (Q-monthly); this weekend, Pfizer Research Analyst

BofAS

disclosed its strategy to a) lessening the step-up in initial monthly dose levels to 2-2.7x +1 646 855 5264

vs. 4x in Ph2, and b) allowing down-titration — similar to other GLP-1 pivotal trials. The chi.fong@bofa.com

presentation discussant viewed weekly dosing tolerability positively but looks to further Dina Ramadane