20.9% versus 9.4%: Lilly’s retatrutide delivers twice the weight loss of Ozempic. What do the numbers not yet tell us?

In the first trial comparing Lilly’s experimental retatrutide with a marketed rival, patients with type two diabetes on its highest dose lost more than twice as much weight as those on Ozempic from Novo Nordisk, and their blood sugar fell further. But the figures assume all patients completed treatment, discontinuations due to side effects were higher, and full details remain unpublished. In the market, Lilly shares barely moved on the trial announcement day; their jump came with Q3 results.

20.9%

Average weight loss with retatrutide at 12 mg after 80 weeks

9.4%

Average weight loss with Ozempic at 2 mg in the same trial

7.9%

Share discontinuing the 12 mg dose due to side effects, versus 2.7% with Ozempic

+0.50%

Lilly’s share-price move on the trial announcement day, before rising 6.63% on earnings

This part of the paper is open to EL7 Pro members and to free members who use one of this month's free papers on it. The paper goes on to analyse the numbers, the causes and what they mean for investors, with tables, charts and sources.

November

Free papers this month · of 4

Renews 1 December

Keep reading for free

Create a free account and read this paper in full

A free account gives you 4 full research papers every month. Or subscribe to EL7 Pro for full access to more than 300 papers.

Create a free account

$700 per year · or $99 per month

...

EL7 Research · Equities

Sunday 1 November 2026 · Prices through the close on 30 October