Eli Lil­ly touts a 'con­stel­la­tion' of suc­cess­es with their PhII Alzheimer’s study — but dis­ap­point­ing fail­ures drag down shares

Eli Lil­ly’s re­search di­vi­sion whipped up con­sid­er­able fer­vor for its Phase II top-line read­out on its next-gen Alzheimer’s drug do­nanemab. But af­ter spelling out the da­ta this week­end, you can ex­pect some of the ex­perts in the field to adopt a much more mea­sured at­ti­tude about its chances of a reg­u­la­to­ry ap­proval.

Lil­ly had her­ald­ed a sta­tis­ti­cal­ly sig­nif­i­cant re­sult for the nov­el pri­ma­ry end­point: change from base­line in the 76-week score on the in­te­grat­ed Alzheimer’s Dis­ease Rat­ing Scale, or iADRS, which is a com­bined score on cog­ni­tion and func­tion that in­di­cat­ed the N3pG be­ta amy­loid drug could slow the de­cline of ear­ly-stage pa­tients, which was ea­ger­ly con­sumed in an area of R&D with mil­lions of pa­tients who cur­rent­ly have noth­ing to ad­dress the mem­o­ry-wast­ing ail­ment.

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