A series of cardiometabolic-related news items has been observed from Novo and Tidepool. Below, FENIX provides highlights and insights for the respective news items.
A series of cardiometabolic-related news items has been observed from Novo, Ascletis Pharma, Pfizer, AstraZeneca/Oracle, and Lilly/METiS TechBio. Below, FENIX provides highlights and insights for the respective news items.
Just when you think Lilly has reached the ceiling, it breaks through again with a new high-efficacy AOM offering, EloraTZP. For context, Lilly shared data from its Ph2 EloraTZP (eloralintide + tirzepatide; QW SC SARA + GLP-1/GIP dual agonist) study at EASD 2026 yesterday, demonstrating robust weight loss and glycemic control among an obese + T2DM population (previous FENIX insight). This prompted FENIX to consider the potential future showdown between EloraTZP and Novo’s combination successors: cagrisema and zenagamtide. Further, it should be noted that while the EloraTZP data are largely seen as another win under Lilly’s belt, its stock dropped ~2% after the readout.
With the full results presentation of TRIUMPH-2 for Lilly’s retatrutide today at EASD 2026 (previous FENIX insight), the FENIX team was debating the utility of conducting TRIUMPH-5. Recall, Lilly’s own H2H trial of retatrutide vs. tirzepatide in weight management popped up on CT.gov in Oct 2024 and has topline results projected in Q1 ’27, maybe around JPM week or earnings in late January. Interestingly, the FENIX team’s clarity at breakfast changed after the TRIUMPH-2 results presentation this morning. We pull back the curtain below.
Part 3 of FENIX’s 2026 Novo CMD coverage recaps the company’s strategy to navigate and grow through the eventual sema LOE, arguably the biggest headwind in the company’s 100+ year history. Below, FENIX outlines several key factors that could influence Novo’s ability to navigate the difficult period, including the speculative hypothesis that Lilly gets to decide whether Novo will pursue generic tirzepatide.
Part 2 of FENIX’s 2026 Novo CMD coverage recaps commentary on US commercial operations, global manufacturing & supply, and international operations. Each of these three components is viewed as integral to Novo’s future success while it attempts to maintain (and grow) its place in the CVRM market ahead of the onslaught of obesity competitors looking to eat its lunch.
Novo hosted its 2026 Capital Markets Day and provided updates on the strategic direction of the company across key commercial and R&D activities (view slides). While The Street and media sentiment seemed to be unduly negative on Novo’s direction (as evidenced by the -8% drop in the stock price), it appears the ongoing strong Wegovy pill launch and impending cagrisema launch should position the company to meet its operational targets in the next 3-5 years. However, the company may be challenged in the longer term, particularly as semaglutide approaches broader LOE. Below, FENIX provides details and insights from the event in Part 1 of 2. Part 2 will cover the importance of manufacturing and commercial execution with reflections from our May 2025 Obesity Spotlight on Novo Nordisk.
Novo Nordisk hosted its Q2 ’26 earnings call and provided updates across its diabetes and obesity businesses (view press release; view slides). Following the increase in FY 2026 adjusted sales guidance (now 0% to -6% vs. -4% to -12%) due to increased demand across its GLP-1RA franchise, the company’s stock is up ~1.3%. The drop in stock yesterday, after releasing its Q2 ’26 business updates (previous FENIX insight), was due to US Wegovy pill sales narrowly missing analyst consensus (view article), in addition to cagrisema failing to achieve non-inferior A1C reductions vs. tirzepatide in the Ph3 REIMAGINE 4 H2H study. Separately, Novo announced it won a preliminary injunction against Ceban Ziekenhuisfarmacie B.V., ordering the company to immediately stop selling a compounded semaglutide nasal spray infringing on Novo’s IP (view press release).
Novo Nordisk hosted an investor event in conjunction with ADA 2026 and provided updates across its obesity pipeline, including cagrisema, zenagamtide, and its early-stage development efforts (view slides). Below, FENIX provides highlights and insights from the investor webcast.
Novo Nordisk hosted its Q1 ’26 earnings call and provided updates across its diabetes and obesity businesses (view press release; view slides). Of note, the company’s stock is up ~3% after raising its FY 2026 adjusted sales guidance to -4% to -12% (previously -5% to -13%), driven by a “best-in-class” US launch of Wegovy Pill and strong GLP-1RA demand in OUS markets. Below, FENIX provides highlights and insights from the Q1 ’26 earnings call.