BMO Capital Markets Reads Lilly Retatrutide Phase 3 TRIUMPH-2 + TRIUMPH-3 Analyst Note Thursday Positively; Q1 2027 BLA Filing Timeline Confirmed
BMO Capital Markets published a Thursday September 17, 2026 morning analyst note reading Eli Lilly's (NYSE: LLY) TRIUMPH Phase 3 program readouts for retatrutide (once-weekly subcutaneous injectable triple-hormone receptor agonist targeting GIP, GLP-1, and glucagon receptors) as positive for retatrutide's efficacy and benefit-risk profile. TRIUMPH-2 evaluates retatrutide in adults with obesity or overweight plus type 2 diabetes; TRIUMPH-3 evaluates retatrutide in adults with severe obesity plus established cardiovascular disease. TRIUMPH-3 topline reported in July 2026 documented an average 22.6% body weight reduction at 80 weeks at the highest dose. TRIUMPH-1 (the base obesity indication, reported May 2026) documented up to 28.3% mean weight loss at 80 weeks. Lilly guided to a Q1 2027 Biologics License Application (BLA) filing across obesity, obstructive sleep apnea, and knee osteoarthritis pain, deferred from the prior late-2026 timeline. Retatrutide would be the first triple hormone receptor agonist to reach FDA review; its efficacy exceeds tirzepatide (Zepbound/Mounjoro, 20.2% in SURMOUNT-5 vs Wegovy 13.7% at 72 weeks) and semaglutide (Wegovy 13.7% same trial) by clinically relevant margins.