1、10 March 2025Deutsche BankResearch Rating Buy North America United States Health Care Pharmaceuticals/Major Company Eli Lilly and Company Date Company Update X-Read from REDEFINE-2-Weight Loss Comp MuddyREDEFINE-2s CagriSemas-13.7%absolute weight loss(-10.3%pbo-adj)at Wk 68 trails the LLY/Tirzepatid

2、es-14.7%absolute weight loss(-11.5%pbo-adj)seen in SURMOUNT-2(Wk 72)but flex titration makes things muddy-please see our colleague Emmanuels Quick Take.To us,REDEFINE-2(and-1s)flexible titration makes comparisons to LLYs data apples to oranges.Albeit,confidence is probably somewhat shaken for REDEFI

3、NE-4s 2H25 readout to show CagriSema coming out on top vs LLY/Tirzep;both arms will be flex titrated were told.LLYs Ph3 data for Retatrutide(aka Triple G)will likely be the answer to REDEFINE-4 results and keep the cat&mouse game between LLY and NVO respective parenterals going.On scalable GLP1 oral

4、s,we see LLY Ph3 datasets successfully demonstrating Sema-like profile(see our note),thereby cementing LLYs commercial lead(4 years by our estimate)relative to peers(NVO included)-Reiterate Buy on LLY.James ShinResearch Analyst+1-212-250-2722Raina LiuResearch Associate+1-212-250-6040Deutsche Bank Se

5、curities Inc.IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1.Deutsche Bank does and seeks to do business with companies covered in its research reports.Thus,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of th

6、is report.Investors should consider this report as only a single factor in making their investment decision.Price at 7 Mar 2025(USD)869.58Price target1,010.0052-week range960.02-724.87 Valuation&Risks ReutersBloombergExchangeTickerLLY.NLLY USNYSLLYDistributed on:10/03/2025 14:59:06 GMT7T2se3r0Ot6kwo