【Jefferies-2025研报】网络直播：JEF@ADA：诺和诺德、Zealand等公司的关键摘要.pdf

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EquityResearc

EUROPE|BiotechnologyJune16,2025

[Webcast]JEF@ADA:KeyAbstractsforNovo

Nordisk,Zealand,More

JoinusMonat3PMUK/10AMNYtodiscussthoughtsintoADA20-23

June.WeseeNovosowndataaslikelytobeincrementallypositive,but

LLYsimpressiveearlyamylindatasuggestfuturepotentialforcompetitive

PhaseIImonotherapyandGLP-1combodata.ForZealand,weargueamylin

updatesshouldfueloptimismfortheclass,albeitexpectdebatestoarise

fromLLYdata,withinvestorappetitelikelytobeginincreasingaheadof2

majorcatalystsin1H26E.

*Pleaseseeourdetailedslidesandwebcastregistrationhere*

NovosupdatesincrementallypositivebutEliLillysearlyamylindataalsoimpress:We

believeNovosownobesityupdatesatADAarelikelytobeincrementallypositive,butwe

flagthepotentialthatthesemaybesomewhatovershadowedbyEliLilly’sPhaseIamylin

dataforeloralintideshowingimpressive-11.5%placebo-adjustedweightlossatjust12weeks

atthehighesttesteddose.Inaition,lowratesofgastrointestinaladverseeventswere

observedintheearlytrial,suggestingpotentialforacompetitiveprofileasbothmonotherapy

andincombinationwithZepbound/Mounjaro,withPhaseIIresultsperhapsin2025E2026E,

respectively.

ThreekeyNovoupdatesatADA:(1)HighdoseWegovy7.2mgshowsanaitionalc.3p.p.

weightlossvsthestandard2.4mgdose,withtolerabilityandsafetyonlymodestlyworse,

hencefilingforlabelexpansionnowlikely,inourview;(2)Injecta

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