Astra Closes Out ADA - Elecoglipron Data a Potential Positive for GPCR

研报英文原文证据摘录

Astra Closes Out ADA - Elecoglipron Data a Potential Positive for GPCR

June 8, 2026 | 19:00 ET~

BioPharma BioPharma

Evan David Seigerman Analyst

evan.seigerman@bmo.com (212) 444-4328

Malcolm Hoffman, CFA VP Associate

Astra Closes Out ADA - Elecoglipron Data a Potential malcolm.hoffman@bmo.com (646) 438-2627

VP AssociatePositive for GPCR Conor MacKay

conor.mackay@bmo.com (347) 988-4235

Bottom Line: Legal Entity: BMO Capital Markets Corp.

Revealed efficacy of elecoglipron (AZD5004) shows underperformance relative

to aleniglipron weight loss. 36-week efficacy data for Astra's elecoglipron appears

relatively underwhelming when compared to Structure's aleniglipron (11.5% vs. 15.3%

placebo-adjusted respectively). While rates of nausea and AEs leading to treatment

discontinuation are slightly lower, we do not see this difference as particularly

meaningful. T2D SOLSTICE data appears to show potentially improved HbA1c control vs.

orforglipron, but competitive head-start for Lilly is likely to meter impacts.

Key Points

AZD5004 demonstrates promising efficacy, but underperforms Structure's

aleniglipron, reading positively to GPCR shares. AstraZeneca previously announced

that their Ph 2b obesity trial (VISTA) had achieved its primary endpoint as a part of

their 4Q26 earnings, but did not provide greater context on weight loss until today's

final presentation at the American Diabetes Association (ADA) conference. At 26 and

36 weeks of treatment, AZD5004, also known as elecoglipron, reached 10.5% and

11.8% (9.9% and 11.5% placebo-adjusted) weight reductions respectively. Results at 26

weeks appear roughly similar to Structure's aleniglipron dosed at 120mg, but longer

treatment at higher aleniglipron dosing demonstrates greater divergence between

the two products.