Category Archives: Topics

STEP HFpEF Topline Results; Novo ADA 2023 Investor Event

Novo Nordisk hosted an investor event during ADA 2023 (view slides) and also raised its FY 2023 financial guidance to 24-30%. During the call, Novo provided an overview of the QW insulin icodec Ph3 program and value proposition, insight into the Ph3 cagrisema T2DM program, high-dose oral semaglutide in T2DM and obesity, and topline STEP-HFpEF results. Of note, management briefly mentioned that SELECT CVOT data will be presented in the near future. Below, FENIX provides highlights and insights from the Novo ADA 2023 investor event.

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FENIX Analysis: Breaking Through Novo and Lilly’s Obesity Duopoly

With all of the (justified) hype surrounding the obesity market and the promising pipelines from a multitude of companies, a question has arisen regarding the potential of a new mega-partnership to compete with Novo Nordisk and Lilly. Below, FENIX provides thoughts and rationale on why CVRM history could repeat itself with a partnership between AstraZeneca and either Boehringer Ingelheim, Amgen, or Pfizer could be on the horizon. FENIX will also soon author a follow-up to this obesity partnership blast with a subsequent analysis discussing the rationale for why a Zealand acquisition could be an alternative option.

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Medtronic Admits It Can’t Achieve iCGM Designation?; 2023 ADA Investor Event

Medtronic hosted its ADA 2023 investor event (view slides) and provided updates to the company’s diabetes business. Of note, commentary from Medtronic senior management indicates the Simplera CGM will not achieve an iCGM designation. Additionally, it should be noted that Medtronic’s CEO, Geoff Martha, participated in the ADA investor event, which hasn’t been the case in recent memory. Below, FENIX provides an overview of the Medtronic 2023 ADA investor event, including thoughts on Medtronic’s continued inability to achieve iCGM designation.

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ADA 2023 Key Press Releases (June 24)

On the second day of ADA 2023, ten cardiometabolic-related news items were observed from Lilly, Zealand, BI, Novo Nordisk, Biomea Fusion, Sciwind Biosciences, Medtronic, Vertex, and Esperion. Below, FENIX provides context and analysis for the announcements.

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Dexcom to Ride the Obesity Wave; Dexcom 2023 Investor Day

In conjunction with the start of ADA 2023, Dexcom hosted its 2023 Investor Day (view slides) and provided updates across its business. Importantly, Dexcom disclosed plans to launch a CGM for people not on insulin in 2024 leveraging the G7 platform (view press release). Additionally, the company discussed the CGM opportunity in weight loss, pricing vs. Abbott Libre, updates to its 2025 long-range plan, and more (view press release). Below, FENIX provides highlights and insights from the Dexcom 2023 Investor Day, including thoughts on how the GLP-1RA weight loss hype has the potential to fuel CGM growth.

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ADA 2023 Key Press Releases (June 23)

On the first day of ADA 2023, two cardiometabolic-related news items were observed from BI/Lilly and Intercept. Below, FENIX provides context and analysis for the announcements.

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EMA Raises Thyroid Safety Concern Over GLP-1RAs; Madrigal Presents New MAESTRO-NASH Data; Expanded Libre 2 Coverage in France; Bayer Initiates Finerenone CKD + T1DM study; Bigfoot RWE Data Published; Mannkind Initiates INHALE-3 Switching Study

A series of cardiometabolic-related news items have been observed from EMA, Madrigal, Abbott, Bayer, Bigfoot, and Mannkind. Below, FENIX provides highlights and insights in the respective news items.

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