"Ivory Tower" & "Real World": KOL Dinner Covering Obesity Tx Full Landscape

研报英文原文证据摘录

"Ivory Tower" & "Real World": KOL Dinner Covering Obesity Tx Full Landscape

USA | Biotechnology EquityJuneResearch8, 2026

"Ivory Tower" & "Real World": KOL Dinner

Covering Obesity Tx Full Landscape

We hosted well-attended Doc dinner with two obesity KOLs - Dr. Timothy

Garvey, involves in key obesity trials/ research across MOAs, and Dr. Anastassia

Amaro, who treats high volume pts with high oral GLP-1 Rx, offering real-

world (specialist's view) and data driven lens on evolving obesity landscape.

Discussion spanned ADA highlights/ key data, novel MOAs, early oral GLP-1

adoption, switching dynamic, long acting feasibility, and key attributes in next-

gen Tx.

Bottom line. KOLs highlighted that obesity treatment is becoming much more individualized in

practice than investors often appreciate, and that the next phase of the category will likely be

determined less by peak efficacy alone and more by which products best fit the realities of

prescribing, adherence, and access, supporting the notion that the market may become more

stratified by patient phenotypes and treatment goals, which supports broader pipeline breadth

across mechanisms vs. 'winner takes all' scenario. See our recent Surveys of physician/ payer/

patients to gain more obesity market dynamics.

Here are a few high level key takes and see Content for Details:

1) KOL noted early oral Tx ramp-up signals, largely driven by new/ sideline/ OOP pt demand,

supporting market expansion rather than cannibalization of inj market; Long term KOL sees ~60/40

inj/oral split. Oral Wegovy has had early launch success benefiting from familiarity/ legacy effect

and CV-related halo, although KOL is seeing Foundayo increasingly take the lead given simpler

admin/ lack of food restrictions.