ResMed downgraded to Underperform from Peer Perform at Wolfe Research

Wolfe Research downgraded ResMed to Underperform from Peer Perform with an $180 price target. The firm says this is a risk/reward call triggered by its physician survey work. Wolfe believes Lilly’s launch of an obstructive sleep apnea indication for its GLP-1 medication tirzepatide “poses significant patient funnel disruption/distortion risks” for ResMed. Risks are poised to mount in 2025 following expected FDA approval for a sleep apnea indication during Q4, the analyst tells investors in a research note. In addition, 50% of doctors expect to reduce CPAP volume due to introduction of GLP-1 drugs, contends the firm.