LLY: EASD abstracts highlight impressive eloralintide monotherapy and combination Ph1b data

研报英文原文证据摘录

LLY: EASD abstracts highlight impressive eloralintide monotherapy and combination Ph1b data

nd need an extra boost of efficacy. Having said this, we note the dropout rate was higher

at the highest doses (see Exhibit 1 - N vs. n). This was a Phase 1b study, dosing regimens will be refined in the future, and the

overall safety profile remains favorable, with predominantly mild-to-moderate GI events. Also there is potential dropouts may not

have occurred due to safety/tolerability but also the velocity of weight loss. The later-stage clinical studies must optimize dose

escalation to improve tolerability/velocity concerns while maintaining efficacy.

Bottom line: Given the significant investor enthusiasm around retatrutide data at ADA, we view this eloralintide data as equal, if not

more impressive, though we acknowledge it remains early-stage (Phase 1b). We believe this is another data point demonstrating

that Lilly has the most comprehensive obesity portfolio, with therapeutic options tailored for all patient types, from milder obesity

requiring better tolerability to aggressive intervention for severe, refractory cases. Importantly, this innovation carries a pricing

premium. Superior efficacy and differentiated mechanisms command better pricing power. As the obesity market matures and

pricing pressure intensifies on older GLP-1s, Lilly's continuous pipeline innovation, like eloralintide or reta should partially offset

pricing erosion. LLY can somewhat defend price/margin with next-generation products while competitors fight on price with legacy

assets. We believe this strategic depth remains undervalued. We reiterate our Outperform rating.

All values in USD unless otherwise noted. Priced as of prior trading day's market close, EST (unless otherwise noted).