Gan & Lee Pharmaceuticals Co. (603087.SS): GZR4's Phase III success highlights its competitive potential; TP up to Rmb78; Buy

On October 16, Gan & Lee announced that its Phase III head-to-head SUPER-8 trial of once-weekly insulin ludefen (GZR4) vs Novo Nordisk's insulin icodec successfully met its primary endpoint, demonstrating non-inferior HbA1c reduction at Week 26. Following this positive readout, we review the clinical results from GZR4's four Phase III SUPER trials (SUPER-1, SUPER-2, SUPER-3, SUPER-8), assessing efficacy, safety and potential clinical differentiation vs existing basal insulins. SUPER-1 (n=588) tested GZR4 vs glargine U100 in insulin-naive T2DM patients, SUPER-2 (n=631) vs degludec in basal insulin-treated patients, and SUPER-3 (n=596) vs glargine U100 with mealtime aspart;