JEF@ADA: New Learnings from New Orleans

研报英文原文证据摘录

JEF@ADA: New Learnings from New Orleans

EUROPE | Pharmaceuticals EquityJuneResearch8, 2026

Whilst physicians still want more options to treat obesity, the development

space is undoubtedly becoming more crowded, with differentiation

increasingly challenging. This year's conference didn't feel revolutionary

compared to what we already knew, though Lilly's retatrutide (GGG)

appeared to be the headline act, having successfully raised the weight-loss

bar with a tolerability profile that appeared well under control. Broader takes

for our EU coverage below.

The most prominent theme continues to be that physicians want more treatment options:

The vast majority of physicians we spoke to expressed that developing more therapeutic

options for obesity should be the priority, particularly to address patients who currently have

limited/no response to existing therapies. GI tolerability remained a major focus, particularly

in improving long-term patient adherence to chronic disease management, with the amylin

mechanism of action often discussed. Access & affordability also remained ongoing debates

across multiple symposia sessions.

LLY's retatrutide the ADA headliner; discussant upbeat on overall adverse event profile:

Reta's impressive efficacy was already known, showing up to -28.3% weight loss at 80

weeks (efficacy estimand; vs -2.2% placebo) and -c.30% at 104 weeks, with physicians clearly

impressed in the standing-room-only session. The focus for investors was therefore on deeper

details of reta's safety and tolerability profile, with the sessions' discussant largely upbeat

across most categories and unlikely to raise major issues, in our view. Importantly, rates of

dysesthesia of up to 12.5% (vs c. 1% pbo) are inconsequential compared with those seen with