Eli Lilly (LLY.N): EASD 2026 call takeaways: Two paths beyond 20% weight loss in type 2 diabetes

Citi's take: Lilly's EASD call highlighted a cardiometabolic portfolio with two assets exceeding 20% weight loss in patients with T2D and obesity, a population that typically responds less robustly to weight-loss therapy. Retatrutide achieved 20.8% at week 80 in TRIUMPH-2, while high-dose EloraTZP reached 23.3% at week 48 and added HbA1C benefit beyond tirzepatide. Interest centered predominantly on eloralintide and the combination data, where monotherapy could serve patients unable to tolerate GLP-1s and EloraTZP could provide greater weight and glycemic control than incretins alone. The 27% phase 2 discontinuation rate warrants attention, but the sequential add-on arm's tirzepatide-like tolerability and Lilly's track record optimizing escalation temper our concern. With the phase 3 AMPLIFY program (initiating YE26) refining the co-formulated combination and ENLIGHTEN already underway testing eloralintide across obesity-related conditions, Lilly now has the industry's broadest toolkit