JPMorgan views Novo Nordisk’s (NVO) SELECT study update this weekend as a positive for Eli Lilly (LLY) shares. The stock remains one of the firm’s favorite names. The firm says that while Novo had previously disclosed the 20% benefit of Wegovy on the composite primary endpoint, it was impressed that cardiovascular benefits accrued early in treatment and data supported earlier intervention in patients. JPMorgan sees the potential for even more impressive results from Eli Lilly’s Zepbound as well as both companies’ next-generation incretins over time. The SELECT study should support broader insurance coverage as well as adoption of the incretin class in obesity, contends JPMorgan.
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