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Investing.com -- Novo Nordisk shares may see limited pressure after Eli Lilly reported new trial results for its oral obesity treatment orforglipron, which Barclays said look more competitive with Wegovy in certain patients but do not alter the fundamental picture.
“This afternoon, LLY reported data from P3 ATTAIN-2 trial, evaluating oral GLP-1RA orforglipron in over 1,600 adults with obesity or overweight and type 2 diabetes,” Barclays wrote.
The trial met its primary endpoint, showing average weight loss of 9.6% at the highest 36mg dose compared with 2.5% for placebo after 72 weeks.
“The trial also met all the key secondary endpoints, including meaningful A1C reductions, and improvements in cardiometabolic risk factors,” analysts said.
Barclays described the findings as “broadly in-line with (lowered) expectations” following the earlier ATTAIN-1 trial in obese patients without diabetes, which had disappointed investors.
Still, the latest results are “competitive vs. semaglutide’s STEP-2 trial in the targeted population (Wegovy resulted in similar weight loss)” and may “lead to investors warming up to the oral story once again.”
The bank said the outcome clears the way for orforglipron’s obesity filing, with a potential launch in 2026.
Despite the weaker ATTAIN-1 data, “we continue to see orforglipron potentially having an edge over 25mg oral sema (potential launch in early ’26), given its scalability with no fasting requirement.”
Safety was in line with expectations, with adverse event–related discontinuations of 10.6% at the highest dose.
“What does this mean for Novo Nordisk? We see today’s readout as a slight negative for Novo … However, we do not see any major changes for Novo fundamentally,” Barclays concluded.