Eli Lilly & Co.: Reta TRIUMPH-3 data supportive; BLA filing in 1Q27

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Eli Lilly & Co.: Reta TRIUMPH-3 data supportive; BLA filing in 1Q27

Update

July 23, 2026 12:47 PM GMT

Morgan Stanley & Co. LLCMEli Lilly & Co. | North America Terence C Flynn, Ph.D.

Equity Analyst

Reta TRIUMPH-3 data Terence.Flynn@morganstanley.comAlexander Yevdokimov, Ph.D. +1 212 761-2230

Research Associate

Alexander.Yevdokimov@morganstanley.com +1 212 761-2167

supportive; BLA filing in 1Q27 Hailey Horowitz

Hailey.Horowitz@morganstanley.com +1 212 761-5264

LLY reported topline Ph3 data for retatrutide (Reta; QW injectable GLP-1/GIP/

Chris Yu, J.D., Ph.D.

glucagon triple agonist) from TRIUMPH-3, in 1,949 adults with severe obesity (BMI Equity Analyst

≥35 kg/m²) and established cardiovascular disease, with or without type 2 diabetes Chris.L.Yu@morganstanley.com +1 212 761-2535

Connor M Massari

(LINK). The trial met its primary endpoint, with 12mg retatrutide delivering 22.6% Equity Analyst

average weight loss at 80 weeks vs. 3.2% for placebo (9mg: 21.6%). TRIUMPH-3 is Connor.Massari@morganstanley.com +1 212 761-2417

Damien H Kerner

Reta's first Ph3 data in patients with established cardiovascular (CV) disease, Research Associate

and LLY previously pointed to this trial in order to fully discharge CV risk (see Damien.H.Kerner@morganstanley.com +1 212 761-3829

HERE), following the arrhythmia imbalance flagged in Ph2. In our view, the Morgan Stanley India Company Private Limited+

TRIUMPH-3 data are supportive (details below) and LLY plan to file for FDA Saket Agarwal

approval early next year. LLY is also conducting a definitive CVOT Ph3 trial of Reta Saket.Agarwal@morganstanley.com +91 22 6995-4012

- TRIUMPH-Outcomes (n=10,000) with a primary completion date of Feb'29. Next

catalyst for the stock is 2Q EPS on Aug 5 - see our preview HERE. Eli Lilly & Co. (LLY.N, LLY UN)