Core Viewpoint - Fizer's acquisition of MSA for up to $10 billion is a strategic move to establish a strong presence in the rapidly growing obesity drug market, following a competitive bidding process with Nova Nordisk [1][2]. Group 1: Acquisition Details - The deal includes a contingent value right (CVR) for MSA shareholders, which will provide additional benefits if certain approval metrics are met [4]. - The additional expenditure of $2.1 billion was justified by the potential for significant value creation in the obesity market, which Fizer believes it can capitalize on effectively [2][3]. Group 2: Market Position and Strategy - Fizer is recognized as a leader in primary care, with strong capabilities in conducting complex studies related to metabolic and cardiovascular conditions, which positions the company well for success in the obesity drug sector [4]. - The company has a robust commercial strategy and manufacturing capabilities, addressing previous bottlenecks in drug production [5]. Group 3: Future Outlook - Fizer's CEO expressed confidence in the likelihood of meeting the CVR targets, citing high probabilities for the success and approval of the new drug molecules [6]. - The company anticipates that its new drug offerings will reach the market within three years, aiming to significantly impact obesity treatment [11]. Group 4: Competitive Landscape - Fizer believes it can effectively compete with established players like Eli Lilly and Novo Nordisk, leveraging its expertise and differentiated product offerings [9][10]. - The company is focused on developing a once-a-month injection for obesity treatment, which it believes will meet patient demand and potentially change the treatment landscape [10]. Group 5: Previous Acquisitions - The acquisition of Cigen, valued at nearly $40 billion, is viewed as transformational for Fizer, enhancing its oncology portfolio and accelerating research and development efforts [12][13].

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $7.6 million compared to a net loss of $7.7 million in the prior year quarter, attributed to the timing of revenue recognized under the collaboration agreement with GSK [22] - Research and development expenses increased to $45.9 million from $41.2 million year-over-year, driven by advancements in the inhibin E and RNA editing programs [22] - General and administrative expenses rose to $18.1 million from $15 million in the prior year quarter, primarily due to share-based compensation [22] - Net loss for Q3 2025 was $53.9 million, an improvement from a net loss of $61.8 million in the prior year quarter [23] - Cash and cash equivalents at the end of Q3 2025 were $196.2 million, down from $302.1 million as of December 31, 2024, but extended cash runway into Q2 2027 with additional proceeds [24] Business Line Data and Key Metrics Changes - The company highlighted significant advancements in the WVE-007 program, showing dose-dependent reductions in activin E levels, with reductions of 56%, 75%, and 85% for different dosing cohorts [8][9] - WVE-006 demonstrated the potential to restore physiological AAT production, achieving AAT levels of up to 13 micromolar and a 60% decrease in mutant ZAAT protein [13] - The DMD program, WVEN531, showed a statistically significant improvement in time to rise, with a 3.8 seconds improvement compared to natural history [18] Market Data and Key Metrics Changes - The company is addressing a significant market need with an estimated 9 million homozygous individuals living with PNPLA3I148M liver disease in the US and Europe, who are at a nine-fold higher risk of dying from their liver disease compared to non-carriers [16] - The obesity market is highlighted as having over 1 billion individuals living with obesity, many of whom lack access to current GLP-1 therapies, presenting a unique opportunity for the company's treatments [55] Company Strategy and Development Direction - The company is focused on advancing its pipeline, particularly in RNAi and RNA editing, with a strategy to leverage proprietary chemistry and platform innovations [5] - There is a strong emphasis on developing non-incretin treatment approaches for obesity, with WVE-007 positioned as a potential maintenance therapy to prevent rebound weight gain [6][11] - The company aims to build on its momentum in the obesity space, with plans for further studies and potential partnerships to enhance development [43] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the progress made in clinical trials, particularly with WVE-007 and WVE-006, and the potential for these therapies to transform treatment paradigms [25] - The management team acknowledged the competitive landscape in the obesity market and the need for innovative solutions that provide durable results without the side effects associated with current therapies [55] - There is confidence in the ability to meet regulatory requirements and achieve clinical milestones, with ongoing discussions with the FDA regarding imaging endpoints for Huntington's disease [29][30] Other Important Information - The company is preparing for a global potentially registrational phase 2-3 study of WVE-003 in adults with Huntington's disease, using caudate volume as a primary endpoint [19] - The company has received positive feedback from key opinion leaders regarding the potential of its RNA editing programs to address unmet medical needs [14] Q&A Session Summary Question: Inquiry about cholesterol fat mobilization post-inhibin knockdown - Management confirmed no observed changes in increased lipids and deposits in the liver from preclinical studies, indicating positive findings regarding fat mobilization [26][27] Question: Pre-IND meeting with FDA regarding Huntington's imaging endpoints - Management confirmed alignment with the FDA on using MRI as an imaging endpoint, emphasizing the importance of well-designed clinical trials [29] Question: Changes in gene expression timing in obesity studies - Management noted that while gene expression changes occur over time, early engagement of targets and sustained suppression of proteins are observed [34] Question: Insights on acute phase response in AATD patient - Management indicated that the patient responded as expected, with no new insights beyond the initial findings [48] Question: Future studies beyond NYTE for obesity program - Management expressed interest in exploring further studies and potential strategic partnerships, while noting that the GSK collaboration would not hinder these opportunities [62]

The Novo Nordisk headquarters in Bagsvaerd, Denmark. Metsera Inc. shares tumbled after Novo Nordisk A/S declined to further raise its offer for the US maker of an experimental weight-loss drug, bringing a bidding war with Pfizer Inc. to an end. Most Read from Bloomberg The shares slumped as much as 16% to $70.12 in US premarket trading. The stock more than quadrupled from its January initial public offering through Friday’s close. Novo, the maker of Wegovy and Ozempic, decided to drop out of the running ...

Core Insights - Structure Therapeutics is on track to report topline data from the ACCESS and ACCESS II studies of aleniglipron, an oral small molecule GLP-1 receptor agonist for obesity treatment, by year-end 2025 [2][3] - The company plans to initiate a Phase 1 study for ACCG-2671, an oral amylin receptor agonist, by year-end 2025, and has declared a second candidate, ACCG-3535, to strengthen its pipeline [2][11] - As of September 30, 2025, the company has a strong financial position with cash, cash equivalents, and short-term investments totaling $799.0 million, expected to fund operations through at least 2027 [5][9] Research and Development Updates - The ACCESS study is a Phase 2b trial involving approximately 220 adults with obesity or overweight, evaluating doses of aleniglipron up to 120 mg [3] - The ACCESS II study includes around 80 adults and is assessing higher doses of aleniglipron (180 mg and 240 mg) with an extended evaluation period [3] - Additional studies are ongoing to support the competitive positioning of aleniglipron and to prepare for Phase 3 trials, including a body composition study and a study in patients with type 2 diabetes mellitus [3] Financial Performance - R&D expenses for Q3 2025 were $59.0 million, up from $32.6 million in Q3 2024, primarily due to increased clinical trial costs and personnel expenses [6] - G&A expenses rose to $14.8 million in Q3 2025 from $13.2 million in Q3 2024, reflecting the expansion of the company's infrastructure [7] - The net loss for Q3 2025 was $65.7 million, compared to a net loss of $34.0 million in Q3 2024 [8][13]

Core Insights - Novo Nordisk's experimental obesity drug CagriSema has shown significant blood pressure reduction in a late-stage trial, indicating potential health benefits beyond weight loss [1] Group 1 - The late-stage trial results suggest that CagriSema may provide cardiovascular benefits, which could enhance its marketability [1] - Novo Nordisk aims to demonstrate that CagriSema can address multiple health issues associated with obesity, potentially expanding its therapeutic applications [1] - The company is focusing on the broader implications of its obesity treatment, which may attract more attention from healthcare providers and patients [1]

Core Insights - Eli Lilly and Company has reached an agreement with the U.S. government to enhance access to its obesity medications, specifically Zepbound and orforglipron, for Medicare beneficiaries at a cost of $50 per month, pending FDA approval [1][5] - This initiative aims to support nearly 40 million Americans with obesity on government insurance programs, addressing a significant health risk associated with over 200 diseases [1][4] Group 1: Agreement Details - The agreement builds on Lilly's previous collaboration with the Trump Administration, which included capping out-of-pocket insulin costs at $35 per month [1][2] - Lilly will receive three years of tariff relief and will not be subject to future pricing mandates in exchange for addressing the Administration's priorities, including a balanced pricing approach for new medicines [4][5] - The company is investing over $50 billion in U.S. manufacturing to enhance domestic production capabilities [4] Group 2: Product Pricing and Access - Starting April 1, 2026, Zepbound will be available for Medicare beneficiaries at a maximum of $50 per month, with orforglipron also priced similarly, contingent on FDA approval [5] - Zepbound will be priced at $299 for the lowest dose, with additional doses up to $449, reflecting a $50 discount from current prices [5] - Orforglipron will start at $149 for the lowest dose, with higher doses priced up to $399 [5] Group 3: Broader Impact - The agreement is expected to significantly improve access to obesity treatments, which are crucial for managing health risks associated with obesity [2][4] - LillyDirect will facilitate access for self-pay patients, offering additional medications at reduced prices [5] - The initiative aligns with Lilly's commitment to affordability and innovation in healthcare [2][4]

Financial Data and Key Metrics Changes - The company reported a 15% top-line growth year-to-date and an 11% growth for the quarter, indicating strong momentum in its financial performance [5][21] - The guidance for top-line growth for 2025 has been narrowed to a range of 8%-11%, with corresponding adjustments to operating profit growth [21] Business Line Data and Key Metrics Changes - The diabetes segment experienced a 10% growth, while obesity care saw a remarkable 41% growth, with 83% of this growth coming from international operations (IO) and 24% from the U.S. [11] - Rare disease products returned to normal production levels, growing 13% in a balanced manner between IO and the U.S. [11] Market Data and Key Metrics Changes - The U.S. market for anti-obesity medications continues to expand, with a significant increase in out-of-pocket expenses for patients, rising from 4% to over 10% in just nine months [12] - The company is currently addressing only 3-4 million patients in the obesity market, compared to an estimated 100 million potential patients [12] Company Strategy and Development Direction - The company is sharpening its strategy to focus on treating patients with obesity and diabetes, emphasizing the overlap of these conditions with other comorbidities [8][10] - The acquisition of Akero is part of the strategy to deepen its focus on metabolic diseases, particularly MASH (Metabolic Dysfunction-Associated Steatotic Liver Disease) [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the obesity market, highlighting the significant unmet needs and the company's commitment to expanding its product portfolio [9][14] - The company is preparing for the launch of oral semaglutide, which is expected to capture a significant portion of the market due to its unique profile [96][97] Other Important Information - The company is facing regulatory challenges regarding the Metsera acquisition, but remains confident in the quality of the portfolio and its potential [59][68] - There are ongoing discussions about the competitive landscape in the U.S. for GLP-1 products, with management noting a slight decline in Ozempic scripts but a belief in continued growth potential outside the U.S. [82][84] Q&A Session Summary Question: What do you expect to learn from the amycretin trials? - Management indicated that they will not progress to phase III trials without clear differentiation in efficacy, safety, or scalability [25] Question: Can you explain the recent pricing trends for GLP-1 products? - Management confirmed that pricing for Ozempic is expected to decline by 10%-15% year-on-year, while Wegovy's pricing has also seen a decrease [27][28] Question: How are you addressing the consumerization of the sales force? - The company is focusing on understanding patient needs and behaviors, emphasizing the importance of direct purchasing channels and expanding product offerings [31][36] Question: What is the outlook for revenue growth in 2026? - Management refrained from providing specific guidance for 2026 but highlighted the potential of the Wegovy pill launch and ongoing pipeline developments as future growth drivers [49][51] Question: What if the FTC blocks the Metsera acquisition? - Management expressed confidence in the acquisition's merits and readiness to discuss its benefits with the FTC [56][59] Question: Are there any supply limitations for the oral semaglutide? - Management reassured that there are no anticipated supply limitations for the oral semaglutide launch [101]

Financial Data and Key Metrics Changes - The company reported a 15% top-line growth year-to-date and an 11% growth for the quarter, indicating strong momentum in its R&D pipeline and business development activities [4][20]. - The guidance for top-line growth for 2025 has been narrowed to a range of 8-11%, with corresponding adjustments to operating profit growth [20]. Business Line Data and Key Metrics Changes - The diabetes segment experienced a 10% growth, while obesity care saw a remarkable 41% growth, with 83% of this growth coming from International Operations (IO) and 24% from the US [10]. - Rare disease products returned to normal production levels, growing 13% in a balanced manner between IO and the US [10]. Market Data and Key Metrics Changes - The US market for anti-obesity medications continues to expand, with a significant increase in out-of-pocket expenses for patients, rising from 4% to over 10% in just nine months [11]. - The company is addressing a market of approximately 100 million patients in the US for obesity treatment, with only 3-4 million currently being treated [11]. Company Strategy and Development Direction - The company is sharpening its strategy to focus on treating patients with obesity and diabetes, emphasizing the overlap with comorbidities such as MASH (Metabolic Dysfunction-Associated Steatotic Liver Disease) [6][7]. - Recent acquisitions, including that of Akero, are aimed at deepening the company's focus on core therapy areas and addressing unmet needs in comorbidities associated with obesity and diabetes [7][15]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in the obesity market, highlighting the significant unmet needs and the company's strategic focus on expanding its product portfolio [11][13]. - The company acknowledged challenges in the US market, including pricing pressures and competition, but remains committed to leveraging its pipeline and product offerings to drive future growth [20][49]. Other Important Information - The company is preparing for the regulatory submission of new products, including the oral semaglutide and MyMADE for rare diseases, which are expected to contribute to future revenue growth [19][50]. - Management emphasized the importance of understanding patient behaviors and needs in the consumer market, particularly in relation to comorbidities and treatment formats [35][100]. Q&A Session Summary Question: What do you expect to learn from the amycretin trials? - Management stated that they will not progress to phase three without clear differentiation in efficacy, safety, or scalability, and they are awaiting confirmation from phase two data [23]. Question: What are the pricing trends for GLP-1 medications? - Management indicated that pricing for Ozempic is expected to remain stable, with a year-on-year decrease of about 10-15%, while Wegovy's pricing has seen a decline in Q3 [26][27]. Question: How are you addressing the consumerization of the sales force? - The company is focusing on understanding patient needs and behaviors, emphasizing the importance of product formats and direct purchasing channels [30][35]. Question: What is the outlook for the UK market? - Management noted that the UK market is competitive and price-sensitive, but they are seeing strong performance from their products despite pricing pressures [43]. Question: Can you discuss the Metsera acquisition and potential FTC challenges? - Management expressed confidence in the acquisition's merits and their readiness to discuss it with the FTC, emphasizing the quality of the portfolio [52][56]. Question: What is the expected impact of the oral semaglutide launch? - Management believes that the oral market represents a significant opportunity, with expectations of capturing a substantial share due to its unique profile [95][100].

Core Insights - Eli Lilly announced positive results from a Phase 2 trial of eloralintide, a selective amylin receptor agonist, showing significant weight reduction in adults with obesity or overweight [1][2][3] - The trial demonstrated mean weight reductions ranging from 9.5% to 20.1% across different dosages of eloralintide compared to a mere 0.4% with placebo [1][3] - The company plans to initiate Phase 3 clinical studies for eloralintide by the end of the year, indicating a commitment to advancing obesity treatment options [1][6] Phase 2 Trial Results - The trial involved 263 participants and lasted 48 weeks, comparing eloralintide dosages (1 mg, 3 mg, 6 mg, 9 mg) against placebo [8] - Primary endpoint results showed: - Eloralintide 1 mg: -9.5% (-10.2 kg; -22.5 lbs) - Eloralintide 3 mg: -12.4% (-13.3 kg; -29.3 lbs) - Eloralintide 6 mg: -17.6% (-18.7 kg; -41.2 lbs) - Eloralintide 9 mg: -20.1% (-21.3 kg; -47.0 lbs) - Placebo: -0.4% (-0.2 kg; -0.4 lbs) [3] Safety and Tolerability - The most common adverse events were mild to moderate gastrointestinal symptoms and fatigue, particularly in higher dose groups [4] - Lower incidence of adverse events was noted with slower dose escalation, with 1 mg and 3 mg arms showing similar rates to placebo [4] Future Plans - Eli Lilly is advancing its pipeline of obesity treatments, emphasizing the importance of molecule specificity [5] - The company is optimistic about eloralintide's potential as a complementary option to existing incretin therapies [5][6] - Plans for Phase 3 enrollment are set to begin by year-end, focusing on eloralintide as a monotherapy for obesity [6]

Novo Nordisk is out with results this morning now lowering its fullear profit uh and revenue uh forecast. Meanwhile, uh the company it's it's getting very interesting in terms uh of uh this possible uh bidding war uh that uh that we are seeing as we move that up a little bit please. That's what this means.Yeah, there you go. Keep going. Keep going. Keep going.Joining us now, Novo Nordis CEO Mike Dudstar. It's good to have you on. Uh can we talk uh about how much this is uh cherished this company met very sm ...