First Read Eli Lilly and Co: New amylin+tirzep data looks solid at nearly 30% weight loss - more (+) momentum in the GLP1 portfolio....

研报英文原文证据摘录

First Read Eli Lilly and Co: New amylin+tirzep data looks solid at nearly 30% weight loss - more (+) momentum in the GLP1 portfolio....

9.94 9.48

eloralintide the 2nd product after retatrutide to show 25-30% weight loss and would Q4E 9.47 9.92

potentially offer a better tolerability profile vs reta and tirzep. This coincides with our 12/26E 34.13 35.55

thesis that LLY's incretin portfolio taken together offers many options for patients and 12/27E 44.88 45.20

can take majority share as the market expands in 2030+ even in the face of generic sema 12/28E 52.21 52.06

in 2031-2032 as we believe a large subset of patients will want to pay more for drugs

Michael Yee

with better efficacy and potentially better tolerability. LLY is developing eloralintide in a Analyst

Phase III program now and they are driving a big investment into amylin given the michael.yee@ubs.com

potential for a favorable tolerability profile. +1-305-536 9101

Dina Elmonshed

Data details from EASD abstract: The Phase Ib MAD study consisted of multiple arms Analyst

between 8-16 pts evaluating elora 3, 6 or 9mg and tirzep 5 or 15mg. Low dose 3mg dina.elmonshed@ubs.com

elora and 5mg tirzep shows 17-18% weight loss over 16 weeks. While high dose elora +1-212-649 8276

9mg and 15mg tirzep shows 25-29% weight loss over 24-32 weeks. Clearly amylin Kyle Yang, CFA

elora was additive and low dose combinations may produce weight reduction Associate Analyst

comparable to high dose tirzep monotherapy, but with fewer dose escalation steps and kyle.yang@ubs.com

potentially better tolerability profile. ** contact us for the abstract ** +1-212-713 1458

Highlights (US$m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 34,124 45,043 65,179 86,000 98,658 109,495 118,471 125,234