INDIANAPOLIS - Eli Lilly and Company (NYSE:LLY) has announced positive topline results from the SURMOUNT-1 study, a 176-week trial, which is the longest completed study of tirzepatide to date for adults with pre-diabetes. The results, revealed on Tuesday, demonstrate a significant reduction in the risk of progression to type 2 diabetes and sustained weight loss in participants.
The study evaluated the efficacy and safety of weekly tirzepatide injections for long-term weight management and the delay in progression to diabetes in adults with pre-diabetes and obesity or overweight. Tirzepatide, at a 15 mg dose, led to an average 22.9% decrease in body weight and reduced the risk of developing type 2 diabetes by 94% compared to placebo.
Jeff Emmick, M.D., Ph.D., senior vice president of product development at Lilly, highlighted the chronic nature of obesity and its risks, stating that the data reinforce the potential clinical benefits of long-term therapy for people living with obesity and pre-diabetes.
The SURMOUNT-1 phase 3 study involved 1,032 adults with pre-diabetes and obesity or overweight over a 176-week treatment period, followed by a 17-week off-treatment period. The primary analysis at 72 weeks was published in the New England Journal of Medicine in 2022.
In addition to the primary endpoints, tirzepatide also resulted in significant weight reductions at the 10 mg and 15 mg doses compared to placebo. However, during the 17-week off-treatment follow-up period, participants began to regain weight and showed an increase in the progression to type 2 diabetes, though still at a reduced risk compared to placebo.
The safety and tolerability profile of tirzepatide over the 193-week study was consistent with previously published results, with gastrointestinal-related adverse events being the most frequently reported.
Tirzepatide works by activating GIP and GLP-1 hormone receptors, which are involved in regulating appetite and caloric intake. The medication is already approved by the U.S. FDA as Mounjaro® for adults with type 2 diabetes and as Zepbound® for adults with obesity or overweight with a weight-related comorbid condition.
Detailed results from the study will be submitted to a peer-reviewed journal and presented at ObesityWeek 2024, scheduled for November 3-6. This article is based on a press release statement from Eli Lilly and Company.
In other recent news, Eli Lilly and Company has seen significant developments. The pharmaceutical giant has recently completed its acquisition of Morphic Holding (NASDAQ:MORF), Inc., bolstering its immunology treatments portfolio with the addition of MORF-057, a therapy targeting inflammatory bowel disease. Furthermore, Eli Lilly has successfully raised approximately $4.96 billion through the sale of notes, intending to use the proceeds for general corporate purposes, including the repayment of existing debt and potential acquisitions.
Marschall S. Runge, M.D., Ph.D., a director at Eli Lilly, is set to retire from the company's board of directors, effective August 31, 2024. His departure marks the end of a significant chapter in the company's governance. The company has also taken measures to protect its market share, issuing cease-and-desist letters to healthcare providers promoting weight-loss medications similar to its product, Zepbound.
In a broader perspective, the Biden administration has selected 10 prescription medicines, including Jardiance by Eli Lilly, for price negotiations with the Medicare health program. This initiative is expected to save the U.S. government $6 billion in the first year from newly negotiated lower prices. These recent developments are part of ongoing efforts to manage costs and advance scientific research.
InvestingPro Insights
Eli Lilly and Company's (NYSE:LLY) recent announcement regarding the success of the SURMOUNT-1 study highlights the company's ongoing commitment to innovation in the pharmaceutical industry. As investors consider the potential impact of these results on the company's financial health and market position, InvestingPro data and tips provide additional context.
InvestingPro Data:
- Market Cap (Adjusted): Eli Lilly boasts a substantial market capitalization of $830.02 billion, reflecting its significant presence in the pharmaceutical sector.
- P/E Ratio (Adjusted) last twelve months as of Q2 2024: The company's price-to-earnings ratio stands at 74.03, indicating a high valuation by the market relative to its earnings.
- Revenue Growth last twelve months as of Q2 2024: A robust revenue growth of 31.87% demonstrates the company's successful expansion and the market's favorable reception of its products.
InvestingPro Tips:
1. Eli Lilly has a track record of rewarding its shareholders, having raised its dividend for 9 consecutive years, which speaks to the company's financial stability and commitment to returning value to its investors.
2. The company is also expected to see net income growth this year, which could be bolstered by the potential success of tirzepatide and its impact on the market for diabetes and obesity treatments.
These insights suggest that Eli Lilly is not only a prominent player in the Pharmaceuticals industry but also a company with a strong financial foundation and potential for continued growth. For investors seeking more in-depth analysis, there are 20 additional InvestingPro Tips available on the company's profile at https://www.investing.com/pro/LLY, offering a comprehensive view of Eli Lilly's financial metrics and market position.
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