ResMed Shares Tumble After Weight-Loss Drug-Trial Results

Dow Jones06-24

By Stuart Condie

SYDNEY--Shares in breathing-tech supplier ResMed have tumbled after drug-maker Eli Lilly said trials of its tirzepatide weight-loss drug reduced the severity of sleep apnea.

ResMed's Australia-listed stock was 12% lower midway through Monday's session, making it the worst performer on the S&P/ASX 200 benchmark index.

Eli Lilly said last week that late-stage trials of tirzepatide helped resolve sleep apnea in 43% of patients. Combining the drug with positive airway pressure therapy--of the type administered by ResMed machines--increased that to 51.5%, Eli Lilly said.

The data suggests that ResMed's assumption that weight-loss drugs reduce the prevalence of obstructive sleep apnea by 15% could be optimistic, Citi analyst Mathieu Chevrier said.

"The new data suggests there is upside risk to this number," Chevrier said in a note. The trial results support use of combination therapy, but there is a risk that some patients could drop continuous-positive-airway-pressure therapy over time, he added.

Eli Lilly said it had submitted tirzepatide to the U.S. Food and Drug Administration for approval as a treatment for obstructive sleep apnea.

ResMed's U.S.-listed shares fell 3.5% on Friday.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

June 23, 2024 23:38 ET (03:38 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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