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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