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Shares of Novo Nordisk and Eli Lilly took a hit after Swiss pharma giant Roche posted positive results for its experimental weight loss pill.
Roche said early Wednesday morning that its weight loss pill CT-996 helped patients lose an average of 7.3% of their weight after four weeks in an ongoing early-stage trial.
“We are pleased to see the clinically meaningful weight loss in people treated with our oral GLP-1 therapy CT-996, which could eventually help patients address both chronic weight management and glycaemic control indications,” said Roche’s chief medical officer Levi Garraway in a press release.
Roche shares popped 6% following the news, while Novo Nordisk and Eli Lilly stocks fell 4% and 3%, respectively.
Roche is one of the many pharma companies racing to break up the current weight loss drug duopoly held by Novo Nordisk, the manufacturer of Ozempic and Wegovy, and Eli Lilly, the maker of Zepbound.
Morgan Stanley analysts anticipate the global market for these drugs, known as GLP-1 treatments, will reach $105 billion by 2030.
Roche entered the race when it bought Carmot Therapeutics earlier this year for $2.7 billion. CT-996 along with other weight loss drug candidates were included in the deal.
In May, Roche said patients taking CT-388, a weekly injection, lost an average of 18.8% of their weight after 24 weeks.
How Roche’s weight loss pill compares to others
Several pharma companies, including Novo Nordisk and Eli Lilly, are working on oral GLP-1 drugs. These weight loss pills could open the market to people resistant to injections and help alleviate current supply constraints.
Novo Nordisk’s Amycretin helped users in an early-stage trial lose an average 13% of their body weight in 12 weeks.
Eli Lilly’s Orforglipron helped people lose nearly 15% of their weight after 36 weeks in a “phase 2" trial.
A small clinical study found that patients taking a daily dose of Structure Therapeutics experimental weight loss pill GSBR-1290 lost a 6.2% placebo-adjusted average of their weight after 12 weeks.