Eli Lilly and Co said on Thursday data from a mid-stage trial of a new two-in-one diabetes drug lowered blood sugar and reduced weight in type 2 diabetes patients, hurting shares of arch-rival Novo Nordisk.
The novel drug targets two key gut hormones - GLP-1 and GIP - at the same time, and could pose a threat to currently available single-hormone drugs, focused on GLP-1, which form a large and growing part of Novo's business.
The data showed Lilly's treatment reduced blood sugar levels by up to 2.4 percent and produced an average weight reduction of up to 12.7 percent in the six-month study.
Lilly's shares were up 3 percent at $112.01 before the opening bell on Thursday, while those of Novo fell nearly 6 percent, wiping more than $5 billion off the company's market value.
Novo's existing GLP-1 products include Victoza and Omzepic, and the company is also developing an oral version of semaglutide, the active ingredient in Ozempic.
Lilly said it intends to complete its late-stage study for the drug in late 2021, and is also evaluating the drug for treating obesity, among other conditions.
About 30 million adults in the United States have diabetes, with 90 percent to 95 percent of them suffering from type 2 diabetes.
Lilly's wide portfolio of diabetes drugs, including GLP-1 drug Trulicity, contributed at least 38 percent to its total sales of $6.36 billion in the last quarter.
Lilly's diabetes drug shines in study, rival Novo shares slips
Image: 123RF/Robert Przybysz
Eli Lilly and Co said on Thursday data from a mid-stage trial of a new two-in-one diabetes drug lowered blood sugar and reduced weight in type 2 diabetes patients, hurting shares of arch-rival Novo Nordisk.
The novel drug targets two key gut hormones - GLP-1 and GIP - at the same time, and could pose a threat to currently available single-hormone drugs, focused on GLP-1, which form a large and growing part of Novo's business.
The data showed Lilly's treatment reduced blood sugar levels by up to 2.4 percent and produced an average weight reduction of up to 12.7 percent in the six-month study.
Lilly's shares were up 3 percent at $112.01 before the opening bell on Thursday, while those of Novo fell nearly 6 percent, wiping more than $5 billion off the company's market value.
Novo's existing GLP-1 products include Victoza and Omzepic, and the company is also developing an oral version of semaglutide, the active ingredient in Ozempic.
Lilly said it intends to complete its late-stage study for the drug in late 2021, and is also evaluating the drug for treating obesity, among other conditions.
About 30 million adults in the United States have diabetes, with 90 percent to 95 percent of them suffering from type 2 diabetes.
Lilly's wide portfolio of diabetes drugs, including GLP-1 drug Trulicity, contributed at least 38 percent to its total sales of $6.36 billion in the last quarter.
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Related articles
Latest Videos