Deutsche says SELECT results may be dampened by Novo’s Medicare comments

Deutsche Bank notes that cardiologists the firm has spoken with believe Novo Nordisk’s (NVO) SELECT cardiovascular results should read-through to Eli Lilly’s (LLY) tirzepatide after the SELECT trial showed a 20% risk reduction in major adverse cardiac events, or MACE. However, from a stock perspective, the firm thinks Novo’s comments from its AHA event suggest Semaglutide roundabout by way of securing Medicare coverage via CVD “may not be on the cards and may pour some cold water on the GLP-1 space,” the analyst tells investors. The firm, which adds that cardiologists it has spoken with cautioned that GLP-1 uptake by cardiologists may be slow given the fields poor track record of adopting other cardioprotective treatments, keeps a Hold rating and $535 price target on Eli Lilly shares.