CSO会议要点：礼来公司 | 北美

Eli Lilly&Co.INorthAmerica Terence C Flynn, Ph.D.Equity AnalystTerence.Flynn@morganstanley.com+1 212 761-2230Alexander Yevdokimov, Ph.D.+1 212 761-2167Hailey HorowitzResearch AssociateHailey.Horowitz@morganstanley.com+1 212 761-5264Chris Yu, J.D., Ph.D.Equity AnalysChris.L.Yu@morga+1 212 761-2535Connor M MassariEquity AnalystConnor.Massari@morganstanley.com+1 212 761-2417Damien H KernerResearch AssociatDamien.H.+1 212 761-3829MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED+Saket AgarwalResearch AssociateSaket.Agarwal@morganstanley.com+91 22 6995-4012 Takeaways from CSO Meetings discussion covered the company's pipeline (obesity/incretins,Alzheimer's, and cardiovascular,among otherareas),perspectiveonAlfordrugdiscovery/development,andrecentbusinessdevelopment activity.LLY's goal is to have a very broad offering in the obesity space to serve patient needs.Mgmt noted that initial thoughts on market positioning/segmentation cansometimes be incorrect, until products are available in the market for physicians/patients to try. Longer term LLY continues to expect orals (i.e., Foundayo) torepresent a dominant piece of the overall market given convenience and cost. Mgmt was very enthusiastic about Reta's (GLP-GIP-glucagon) emerging profilefollowing the recent Ph3 obesity data (see our take HERE), which confirmed theirthesis for high BMI patients (i.e., 4O+), but interestingly noted the drug could alsorepresent a"workhorse"for patients with lower BMl, as the low dose Reta datacompare favorably to Tirzepatide with respect to weight loss, tolerability and timeof dose escalation. Safety of Reta is fine thus far and they feel good about the data(lots of patients dosed over a long period of time), and the company expects datafrom the TRIUMPH-3 trial in the next several months to fully discharge CV risk. OnEloralintide (selective amylin -Ph2 monotherapy completed last year and Ph2with Tirzepatide ongoing) they noted this might a drug for people with tolerabilityissues on incretins Major PharmaceuticalsUnited States of America Regarding potential longer-acting incretin approaches (i.e., monthly dosing), whilethey are not sure this is critical, they do not plan to leave anything in the spaceuncovered, and noted monthly dosing could play a role in the maintenance setting. Mgmt also expressed excitement about a broad range of non-obesity indicationssuch as immunology (Tirz+Taltz combo data -efficacy appears to be weightindependent given timing of onset) and Reta for osteoarthritis (one of the mostpowerful efficacy signals in pain). See within for additional takeaways. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,referto the Disclosure Section, located at the end ofthisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of thememberand may not be subject to FINRA restrictions oncommunications with a subject company,public appearancesand trading securities held by a research analyst account. Morgan Stanley is acting as a financial advisor to Eli Lilly and Company ("Lilly") inrelation to their definitive agreement to acquire Centessa Pharmaceuticals,plc("Centessa), as announced on March 31,2026. The transaction is subject to approval Wales and satisfaction of other customary closing conditions, including regulatoryapprovals. This report and the information provided herein is not intended to ()provide voting advice, (i)serve as an endorsement of the proposed transaction, or (ii)result in the procurement, withholding orrevocation of a proxy or any other actionservices,including transaction fees thatare contingentupon the consummation ofthe transaction. Please refer to the notes at the end of the report. Additional Takeaways data expected in 2027. Mgmt is a strong believer in the tau hypothesis and this is an areaof great interest at LLY; they look forward to seeing the full BIIB Ph2 tau ASO data at theupcoming AAlC conference. While the science is sound, they noted that the route ofadministration could be a challenge.Lp(a) programs: Noted their siRNA approach is more similar to AMGN than NVS, but there are some trial design differences and LLY also has an oral in the clinic. from a great team of people, and prefers platforms that are validated by an asset. LLY alsonoted they can take a longer-term time horizon than many other companies.They also likeareas with that can go broader with uncapped upside (such as sleep - see HERE), whereother companies aren't competing as aggressively. A number of recent deals have alsofeatured therapies that offer the hope of a one-time cure (genetic medicines) or diseasepre