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Novo obesity data positive for Eli Lilly and Amgen, says UBS


Novo obesity data positive for Eli Lilly and Amgen, says UBS

UBS analyst Trung Huynh says Novo Nordisk's (NVO) CagriSema Phase 3 topline obesity data "underwhelmed," a positive read-through to Eli Lilly (LLY) and Amgen (AMGN). CagriSema achieved an average weight loss of 20.4%, below Novo's prior guidance of 25% and inferior to Lilly's tirzepatide at a similar timepoint, the analyst tells investors in a research note. UBS views the CagriSema's obesity readout a positive read-through to Lilly, "validating again tirzepatide's best-in-class profile." It also views Novo's updates a positive read-through to Amgen, saying CagriSema's efficacy now seems mostly in-line with MariTide, with likely gastrointestinal intolerability issues, and could appear less attractive with MariTide being a monthly titration regimen.

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