Eli Lilly's (LLY) obesity drug Orforglipron missed market expectations in its phase 3 ATTAIN-1 trial, showing 11.2% average weight loss versus the expected 14% to 15%, Deutsche Bank said in a note Friday.
The trial's 10% treatment-related dropout rate was higher than seen with semaglutide, despite lower rates of nausea, constipation, diarrhea, and vomiting, the investment firm said.
Results from obesity studies contrast with stronger performance in type 2 diabetes trials, creating a mixed overall picture for the drug, according to Deutsche Bank.
Eli Lilly shares could face pressure despite a strong Q2 earnings beat and guidance raise, according to the note.
The data likely support US Food and Drug Administration approval, but the drug may require deeper-than-expected price discounts to compete commercially, the Deutsche Bank analysts noted.
Deutsche Bank has buy rating on Eli Lilly with a $1,010 price target.
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