Lilly uses indirect data to argue its oral GLP-1 pill may outperform Novo’s semaglutide

Eli Lilly’s weight‑loss drug Foundayo has seen a slower launch than expected, according to BMO Capital Markets, which noted the product is lagging behind competitors.

To bolster its market case, Lilly presented indirect comparisons that pit its oral GLP‑1 candidate against Novo’s oral semaglutide. Using data from Lilly’s Phase 3 ACHIEVE‑3 trial and Novo’s Phase 3b PIONEER PLUS study, the analysis suggested the 17.2 mg dose of Foundayo could deliver 1.5‑2.4 percentage points more weight loss.

The same indirect assessment also indicated a modest 0.3‑0.6 percentage‑point greater drop in HbA1c for Foundayo versus the Novo product, aligning with the primary endpoint of both trials.

Lilly’s executives said the results are “directionally favorable,” arguing they support the oral profile of Foundayo and could help the company gain momentum against Novo’s offerings.