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Oppenheimer downgraded respiratory device maker ResMed (New York Stock Exchange: RMD) outperformed on Tuesday, citing an “air pocket” for the stock in the wake of encouraging data for Eli Lilly (New York Stock Exchange:LLY) weight loss therapy with tirzepatide in obstructive sleep apnea (OSA).
He The CPAP (continuous positive airway pressure) machine maker continued to fall for the third straight session on Tuesday after LLY announced detailed results from its Phase 3 SURMOUNT-OSA program in which the GLP-1 receptor agonist reached the main objectives. with or without PAP therapy.
“In our view, these GLP-1 data will require a structural change in patient preferences, referral patterns and, ultimately, choice of therapy,” wrote Oppenheimer analyst Suraj Kalia, especially Emphasis on the effects of tirzepatide on disease resolution.
“The disease remission results in SURMOUNT-OSA have eclipsed the mean AHI reductions, which were strong in their own right,” Kalia said, referring to SURMOUNT-OSA's primary endpoint, measured using the clinical measure called the apnea index. -hypopnea (IAH).
However, the analyst ruled out short-term effects and argued that it will be necessary to wait at least until the second half of 2025 for the true impacts to materialize, since tirzepatide is not yet indicated for OSA.
Reading the data, LLY said Friday it filed regulatory filings with the FDA, seeking a label expansion for the once-weekly injectable, with a decision expected later this year.
