Lilly(US:LLY) 智通财经网·2025-06-25 08:18Core Insights - Eli Lilly's experimental drug Bimagrumab, when combined with Novo Nordisk's GLP-1 weight loss drug Wegovy, shows superior weight loss results while preserving muscle mass [1][2] - The combination therapy resulted in a 22.1% weight reduction over 48 weeks, with 92.8% of the weight loss coming from body fat, compared to a 15.7% reduction and 71.8% fat loss with Wegovy alone [1] - Morgan Stanley expresses optimism about the combination therapy's efficacy and safety, noting improvements in various cardiovascular metabolic indicators [2] Company Analysis - Morgan Stanley highlights that the combination therapy's safety and tolerability are better than expected, with mild muscle cramps occurring in about 60% of patients, and transient increases in ALT and lipase levels [2] - Eli Lilly is conducting a Phase II trial for Bimagrumab combined with Tirzepatide for obesity and/or type 2 diabetes, with data expected in April and October 2026 [2][3] - The stock rating for Eli Lilly is "Overweight" with a 12-month target price of $1,133, representing a 46% upside from the closing price of $778.08 on June 24 [3] Industry Insights - The combination therapy may be particularly beneficial for older patients on GLP-1 medications, who are more prone to muscle loss [3] - The concept of "sarcopenic obesity" is identified as a significant indication for the combination therapy, with interest in its application for metabolic-associated fatty liver disease (MASH) and osteoarthritis [3] - Potential upside risks for Eli Lilly's stock include better-than-expected performance of oral GLP-1 drug Orforglipron and positive results from Tirzepatide studies [4]