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REDEFINE 2: Efficacy in Type 2 Diabetes REDEFINE 2, announced in March 2025, addressed a distinct population: 1,206 adults with obesity or overweight and type 2 diabetes across 12 countries, randomised in a 3:1 ratio to CagriSema or placebo for 68 weeks

Valuation Context: At approximately 50x forward earnings, Lilly trades at a significant premium to pharma peers (sector average ~1520x)

Patients on GLP-1 medications (semaglutide, tirzepatide) who are losing weight but want to preserve lean muscle mass and improve body composition rather than just losing weight and shrinking

At this point, the lymphatic system takes over and pipes these substances back into the bloodstream where they can now be filtered and eliminated via the kidneys, gut or even sweated out through the skin