US Pharma: ADA KOL Breakfast Takeaways

研报英文原文证据摘录

US Pharma: ADA KOL Breakfast Takeaways

RBC Capital Markets, LLC

Trung Huynh (Analyst)

(415) 212-0012,

trung.huynh@rbccm.com

Justin Burns, CFA (Vice

President)

(415) 445-8668,

justin.burns@rbccm.com

June 8, 2026

US Pharma: ADA KOL Breakfast TakeawaysRESEARCH Eli Lilly seen as clear winner in the space given their breadth of

offerings

Our view: The KOL was extremely bullish on Eli Lilly's comprehensive product offering, highlighting

reta's superior weight loss and downplaying potential emergent AE concerns (CV, UTI) from the

Saturday ADA presentations. In diabetes, he saw retatrutide as the market-leading integrin given the

overall efficacy and potentially disease-modifying effects resulting in less reliance on concomitant

diabetes medications. The KOL does not see monthly dosing as a meaningful enough differentiator toEQUITY make a compelling argument for adoption based on that alone (he posited 3 months as a meaningful

benchmark). He called out eloralintide as an exciting next-generation option given the cleaner AE

profile, suggesting amylins would have their own market for patients preferring a more tolerable

option vs. higher weight loss, as opposed to being seen as combotherapy approaches. We expect

Lilly to benefit the most from his expectations that prescribing dynamics will stabilize longer term

as physicians gain comfort with titration and side effect profiles. Payer uptake remains critical,

retatrutide's (potentially) premium price requires demonstrating "bang-up effects" for formulary

placement. Responder heterogeneity justifies maintaining multiple options, though predictors for

differential response remain unclear. TRIUMPH-Outcomes results will define regulatory positioning

and payer adoption.

We hosted a KOL Breakfast Event this morning at ADA.