INDIANAPOLIS - Eli Lilly and Company (NYSE:LLY) revealed positive outcomes from two phase 3 clinical trials, QWINT-1 and QWINT-3, for its once-weekly insulin efsitora alfa (efsitora) in adults with type 2 diabetes. The studies found that efsitora's A1C reduction is non-inferior to daily basal insulins, which are commonly used globally.
QWINT-1 focused on adults with type 2 diabetes who have not previously used insulin. Participants were randomized to receive either once-weekly efsitora via a single-use autoinjector or daily insulin glargine for one year. Efsitora's administration followed a titrated fixed-dose regimen. At week 52, efsitora demonstrated a similar A1C reduction to insulin glargine.
QWINT-3 assessed the efficacy and safety of efsitora compared to daily insulin degludec over 78 weeks in adults switching from daily basal insulin injections. The trial met its primary endpoint at week 26, with efsitora showing non-inferior A1C reduction to insulin degludec.
Both trials also measured time in glucose range, with efsitora participants experiencing approximately two additional hours in the target glucose range per day. The safety and tolerability profile of efsitora was comparable to that of daily basal insulin therapies.
Jeff Emmick, M.D., Ph.D., senior vice president of product development at Lilly, stated that once-weekly insulins like efsitora could significantly simplify diabetes management for patients.
The overall hypoglycemic event rates in both studies were lower with efsitora compared to the daily insulins. Detailed results from these studies are expected to be presented at upcoming medical conferences and published in a peer-reviewed journal.
Efsitora is part of the QWINT phase 3 clinical trial program, which began in 2022 and has enrolled over 4,000 individuals with type 1 or type 2 diabetes across five global studies.
This article is based on a press release statement from Eli Lilly and Company.
In other recent news, Eli Lilly has made significant strides in various aspects of its operations. The pharmaceutical giant has entered into a collaboration with EVA Pharma to increase the availability of baricitinib, an immunological treatment, in 49 African countries. This initiative, part of Lilly's 30x30 strategy, aims to enhance healthcare for 30 million people in resource-limited settings annually by the end of the decade. EVA Pharma will receive manufacturing know-how from Lilly to produce and supply the drug across Africa, with sales of locally manufactured baricitinib expected to commence by 2026.
In terms of acquisitions, Eli Lilly has recently completed the purchase of Morphic Holding (NASDAQ:MORF), Inc., adding a therapy for inflammatory bowel disease to its portfolio. On the ratings front, BMO Capital has reiterated its Outperform rating for Eli Lilly, while Morgan Stanley has maintained its Overweight rating. However, Evercore ISI has maintained an In Line rating for the company's shares.
The company has also made its obesity treatment drug, Zepound, more accessible by introducing 2.5mg and 5mg single-dose vials through its self-pay channels, Lilly Direct. In a move that could save the U.S. government $6 billion in the first year from newly negotiated lower prices, the Biden administration has selected Jardiance by Eli Lilly for price negotiations with the Medicare health program. These are the recent developments from Eli Lilly.
InvestingPro Insights
Eli Lilly and Company (NYSE:LLY) has showcased promising results from its phase 3 clinical trials, potentially strengthening its position as a prominent player in the Pharmaceuticals industry. According to InvestingPro data, Eli Lilly boasts a substantial market capitalization of $852.08 billion, reflecting investor confidence and the scale of its operations.
InvestingPro Tips indicate that Eli Lilly has a track record of raising its dividend, doing so for 9 consecutive years, and has maintained dividend payments for an impressive 54 consecutive years. This consistency in rewarding shareholders may be attractive to investors looking for stable, income-generating stocks. Furthermore, 17 analysts have revised their earnings estimates upwards for the upcoming period, signaling optimism about the company's financial prospects.
From a valuation perspective, Eli Lilly is trading at a high earnings multiple, with a P/E ratio of 115.58. While this may suggest a premium valuation, it's important to consider the company's growth potential and industry position. The company's revenue growth over the last twelve months, as of Q1 2023, was 31.87%, indicating a strong upward trajectory in its financial performance.
For investors who are interested in further insights and metrics, there are additional InvestingPro Tips available at https://www.investing.com/pro/LLY, which can provide a more comprehensive analysis of Eli Lilly's financial health and market position.
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