$ALT I finally had time to go through the tx of NVO’s CMD. Clear acknowledgment that liver - and specifically MASH, ALD, AUD and MetALD - will be a major part of the strategy, especially outside obesity. They repeatedly emphasized GCGR as important biology for the liver and MASH. But the pipeline for building a liver franchise is disjointed. UBT251 (GLP/GIP/GCGR) is an obesity-focused triple with a small China MASH p2, biopsy data expected 2H27. NVO said they'll take UBT251 into P3 MASH, but that means a 2028 start and ~2031 readout, and~$500M spend, just bc it has some GCGR? Then there’s alcohol. Sema has OK P2 AUD data, but not from a NVO. In ALD, NVO highlighted efx and potential combo - like sema+EFX - but nothing is planned and that lacks the GCGR case they made for liver. NV
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