Novo - Cagri Data Makes Sense (BUY, TP DKK880, 11pgs)
We have conducted a deep-dive on the available literature & the CagriSema data and show that the inverse dose response is exactly what we would expect to happen and is what was seen in previous Novo studies. In fact, if we were to see the same cut of the data in REDEFINE4, we would fully expect tirzepatide to show the same thing. There is sufficient data (both clinical & in animal models) that shows that there is nothing untoward in the CagriSema data. Crucially, as we learn more about the biology of obese patients, we expect CagriSema to be a major commercial success. Whilst we remain bullish L-T, we acknowledge the growing complexity makes owning Novo difficult for many investors with two major concerns: 1) orfoglipron P3 data & 2) US demand for obesity drugs which we think gets resolved within weeks.For access to the full note, please contact Naresh Chouhan ( )
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