Deutsche says Novo data removes competitive threat for Eli Lilly

Deutsche Bank analyst James Shin says the Phase 2a results from Novo Nordisk’s (NVO) monlunabant “look underwhelming” and “remove the threat of a large well-capitalized, small-molecule competitor” to Eli Lilly’s (LLY) orforglipron. Novo’s results for monlunabant in obese patients demonstrate a 5.8% placebo-adjusted weight loss at 16 weeks for the 10mg dose, the analyst tells investors in a research note. The firm thinks the data look underwhelming relative to Lilly’s Phase 2 orforglipron trials, which showed placebo-adjusted 16-week weight loss up to 7%. Deutsche Bank has a Buy rating on Lilly shares with a $1,025 price target.