Core Insights - Eli Lilly announced positive topline results from Phase 3 trials ACHIEVE-2 and ACHIEVE-5, demonstrating the efficacy of orforglipron in reducing A1C levels in adults with type 2 diabetes [1][2][5] ACHIEVE-2 and ACHIEVE-5 Trial Results - In ACHIEVE-2, orforglipron lowered A1C by up to 1.7% compared to a 0.8% reduction with dapagliflozin, meeting the primary endpoint [1][3] - In ACHIEVE-5, orforglipron achieved a 2.1% reduction in A1C when combined with insulin glargine, also meeting the primary endpoint [1][3] - All doses of orforglipron (3 mg, 12 mg, 36 mg) showed statistical significance with p<0.001 against comparators in both trials [3] Safety and Tolerability - The safety profile of orforglipron was consistent with previous studies, with common adverse events being mild-to-moderate gastrointestinal issues [4] - No hepatic safety signals were observed during the trials [4] Future Plans - Detailed results from the trials will be presented at a future medical meeting and published in a peer-reviewed journal [5] - Lilly plans to submit orforglipron for regulatory approval for type 2 diabetes in 2026, with an obesity treatment submission expected by the end of 2025 [5][10] About Orforglipron - Orforglipron is an investigational oral GLP-1 receptor agonist that can be taken without food and water restrictions [6][7] - The ACHIEVE clinical trial program has enrolled over 6,000 participants with type 2 diabetes across five global registration trials [10]

Summary of Gan & Lee Pharmaceuticals Co. (603087.SS) Conference Call Company Overview - **Company**: Gan & Lee Pharmaceuticals Co. (603087.SS) - **Industry**: Pharmaceuticals, specifically focusing on insulin products Key Points and Arguments 1. **New Agreements**: Gan & Lee has signed a technology transfer and supply agreement with Brazil's Fundação Oswaldo Cruz-Bio-Manguinhos (FZ) and BIOMM S.A. The total contract value is expected to exceed Rmb3 billion over a term of 10 years [1][2] 2. **Insulin Technology Transfer**: The agreements involve the transfer of insulin glargine technology to FZ, with Gan & Lee supplying insulin glargine API and injections to BIOMM. FZ will procure these products from BIOMM for the next decade [1][2] 3. **Brazil's PDP Initiative**: This cooperation is part of Brazil's Partnerships for Productive Development (PDP), aimed at enhancing local manufacturing capabilities and ensuring a stable supply of essential medicines [1] 4. **Earnings Forecasts**: Following the agreements, earnings forecasts for 2025E to 2027E have been raised by 1-4%, with the price target increased to Rmb77 from Rmb69 [2] 5. **Growth Drivers**: Key growth drivers for Gan & Lee include: - Exporting insulin biosimilars to the US and EU - Import substitution opportunities in China's insulin market - Expansion into emerging markets - Entry of insulin biosimilars into developed markets [2][7] 6. **Long-term Value**: The long-term value of Gan & Lee's innovative drug pipeline is highlighted as a significant factor for future growth [2] 7. **Market Capitalization**: The company has a market cap of Rmb43.6 billion (approximately $6.1 billion) [9] 8. **Revenue and Profit Estimates**: Updated revenue and net profit estimates for 2025E to 2027E are as follows: - 2025E Revenue: Rmb4,400 million (up 1.6%) - 2026E Revenue: Rmb5,411 million (up 5.6%) - 2027E Revenue: Rmb6,348 million (up 5.0%) - 2025E Net Profit: Rmb1,173 million (up 1.3%) - 2026E Net Profit: Rmb1,507 million (up 1.8%) - 2027E Net Profit: Rmb1,892 million (up 4.1%) [6] 9. **Price Target Risks**: Risks associated with the price target include slower-than-expected launches of insulin biosimilars in the US and slower R&D progress of its pipelines [8] Additional Important Information - **Investment Rating**: The company is rated as a "Buy" by Goldman Sachs, reflecting optimism about its growth potential in both domestic and international markets [2][7] - **Market Position**: Gan & Lee is recognized as a leader in China's insulin industry, with a strong focus on both domestic and export markets [7] - **Analyst Contact Information**: Analysts from Goldman Sachs involved in this report include Tianyi Yan, Michael Zheng, and Jenny Du [3][4] This summary encapsulates the essential information regarding Gan & Lee Pharmaceuticals Co. and its recent developments, providing insights into its market position, growth prospects, and financial outlook.

Core Insights - Eli Lilly's investigational once-weekly insulin efsitora alfa has shown promising results in Phase 3 clinical trials, indicating its potential to simplify insulin management for adults with type 2 diabetes [1][8] - The company plans to submit efsitora for regulatory approval by the end of 2025, aiming to enhance treatment options for diabetes patients [8] Study Results - In the QWINT-1 study, efsitora reduced A1C by 1.31% compared to 1.27% for insulin glargine at week 52, demonstrating non-inferiority [2][4] - QWINT-3 showed efsitora reducing A1C by 0.86% compared to 0.75% for insulin degludec at week 26 [2][5] - In QWINT-4, efsitora achieved an A1C reduction of 1.07%, equal to that of insulin glargine at week 26 [2][7] Safety Profile - Efsitora demonstrated a safety profile comparable to daily basal insulins, with approximately 40% fewer hypoglycemic events compared to insulin glargine in QWINT-1 [5][6] - The rates of severe or clinically significant hypoglycemic events per patient-year were 0.50 for efsitora versus 0.88 for insulin glargine at 52 weeks [6][7] Treatment Regimen - The fixed-dose regimen in QWINT-1 consisted of four single-dose titration options, which may facilitate insulin therapy initiation for type 2 diabetes patients [3][10] - Efsitora's once-weekly administration could potentially eliminate over 300 injections per year, reducing the burden of insulin therapy [6][10] Clinical Development - The QWINT Phase 3 clinical program began in 2022, enrolling over 3,000 participants across four global studies [9][10] - The trials included diverse populations from multiple countries, enhancing the robustness of the findings [11][12]