INDIANAPOLIS - Eli Lilly and Company (NYSE: NYSE:LLY) announced today that its phase 3 trial, QWINT-2, for the once-weekly insulin efsitora alfa (efsitora) demonstrated successful A1C reduction in adults with type 2 diabetes who are initiating insulin therapy. The study outcomes were published in The New England Journal of Medicine and presented at the European Association for the Study of Diabetes (EASD) Annual Meeting 2024.
The trial showed that efsitora achieved the primary endpoint of non-inferior A1C reduction compared to the once-daily insulin degludec. Specifically, efsitora reduced A1C by 1.34%, resulting in an A1C of 6.87%, while insulin degludec reduced A1C by 1.26%, resulting in an A1C of 6.95% at the 52-week mark.
Additionally, patients taking efsitora experienced 45 minutes more time in the desired blood glucose range each day without an increase in hypoglycemia, a significant secondary endpoint of the trial.
Carol Wysham, M.D., a clinical professor of medicine at the University of Washington School of Medicine, highlighted the potential benefits of efsitora, noting its once-weekly dosing could improve adherence and reduce treatment burden for individuals managing type 2 diabetes.
The QWINT-2 study enrolled 928 participants across multiple countries and was designed to compare the efficacy and safety of efsitora to insulin degludec over a one-year period. The trial also assessed outcomes for patients using and not using GLP-1 receptor agonists.
Efsitora demonstrated a safety profile comparable to daily insulins, with no severe hypoglycemic events reported with efsitora use. Overall hypoglycemia rates were low, and adverse events were similar between the treatment groups.
Efsitora is a once-weekly basal insulin, a fusion protein that combines a single-chain variant of insulin with a human IgG2 Fc domain. It is currently in phase 3 development for adults with type 1 and type 2 diabetes.
The company's press release emphasizes the potential of efsitora to simplify treatment for people with type 2 diabetes, though it also cautions that the drug is still undergoing research and must receive regulatory approval before becoming widely available. The information provided is based on a press release statement from Eli Lilly and Company.
In other recent news, Eli Lilly has seen significant developments in its operations. The pharmaceutical company announced the appointment of Lucas Montarce as its new Chief Financial Officer. Montarce, who has been with the company since 2001, will take on the role with immediate effect.
Eli Lilly also reported successful Phase III trial results for its once-weekly insulin efsitora, showing A1C reduction non-inferior to daily basal insulins. TD Cowen, BMO Capital, and Morgan Stanley maintained positive ratings on Eli Lilly's shares, while Evercore ISI maintained an In Line rating.
The company has entered into a collaboration with EVA Pharma to increase the availability of baricitinib, an immunological treatment, in 49 African countries. Eli Lilly also completed the acquisition of Morphic Holding (NASDAQ:MORF), Inc., adding a therapy for inflammatory bowel disease to its portfolio.
In an effort to make its obesity treatment drug, Zepound, more accessible, Eli Lilly introduced 2.5mg and 5mg single-dose vials through its self-pay channels, Lilly Direct. Additionally, the Biden administration has selected Jardiance by Eli Lilly for price negotiations with the Medicare health program, a move that could save the U.S. government $6 billion in the first year from newly negotiated lower prices. These are recent developments from Eli Lilly.
InvestingPro Insights
Eli Lilly and Company (NYSE: LLY) has recently made headlines with its innovative once-weekly insulin efsitora alfa (efsitora), showcasing the pharmaceutical giant's continued commitment to advancing diabetes care. InvestingPro data provides a snapshot of the company's current financial health, which may be of interest to investors monitoring the impact of such developments on Eli Lilly's market position.
As of the last twelve months leading up to Q2 2024, Eli Lilly boasts a substantial market capitalization of $815.07 billion, reflecting its significant presence in the pharmaceutical industry. The company's revenue growth is notable, with an increase of 31.87% during the same period, indicating a strong potential for continued financial success. Moreover, Eli Lilly's gross profit margin stands at an impressive 80.75%, suggesting efficient operations and a solid competitive advantage.
An InvestingPro Tip highlights that Eli Lilly has raised its dividend for 9 consecutive years, demonstrating a commitment to providing consistent returns to shareholders. Additionally, the company has maintained dividend payments for 54 consecutive years, underscoring its financial stability and reliability as an investment. For investors interested in the company's dividend performance and other financial metrics, there are 18 additional InvestingPro Tips available at https://www.investing.com/pro/LLY.
The company's P/E ratio, while high at 111.1, may reflect investor confidence in Eli Lilly's growth prospects and its ability to capitalize on market opportunities such as the development of efsitora. Furthermore, analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's profitability.
Investors considering Eli Lilly as part of their portfolio may find these insights particularly relevant as they evaluate the company's potential in the wake of its latest clinical trial success. Eli Lilly's financial strength, combined with its innovative strides in diabetes treatment, positions it as a prominent player in the pharmaceutical industry.
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