) recently announced data from the post-hoc analysis of two phase
III b studies on Victoza (liraglutide) in patients suffering from
type II diabetes. While one study evaluated patients treated with
Victoza versus those treated with
) Januvia, the other evaluated patients on Victoza versus those
Results from the studies showed that a higher number of
patients achieved the study target (HbA1c<7%) for the first
time at each time point (12, 20 and 26 weeks of treatment) on
being treated with Victoza (once daily) versus Januvia (once
daily) or Byetta (twice daily).
Novo Nordisk also reported data from another post-hoc analysis
in type II diabetes patients. The results from the analysis
showed that a higher proportion of patients on Victoza and
metformin, with baseline HbA1c less than 8.0%, achieved HbA1c
targets than those on Januvia and Byetta.
We note that Victoza is a once-daily human glucagon-like
peptide-1 (GLP-1) analogue approved for improving blood sugar
(glucose) levels in adult type II diabetes patients along with
lifestyle management. The drug is approved and launched in more
than 50 countries including the US.
We note that the GLP-1 market is getting pretty crowded.
Existing companies in this market include Merck, Bristol-Myers
), among others.
We are encouraged by the performance of Victoza in the US and
Europe since launch. Victoza revenues were up 74% year over year
in the first nine months of 2012.
We have an Outperform recommendation on Novo Nordisk. The
stock carries a Zacks #1 Rank (Strong Buy rating) in the short
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