Eli Lilly's (LLY) new obesity data support a broader drug portfolio beyond tirzepatide, or TZP, UBS Securities said.

The analysts said in a note Wednesday that the company presented new data at the European Association for the Study of Diabetes showing that its second- and third-generation obesity drugs can deliver more than 20% weight loss in both obesity and obesity patients with type 2 diabetes, with results that appear better than tirzepatide.

UBS highlighted data for eloralintide plus tirzepatide, which showed strong weight-loss results broadly in line with retatrutide. Eloralintide could help patients who cannot tolerate GLP-1 drugs or do not lose enough weight, while retatrutide could offer another option for patients with higher liver fat, UBS said.

The investment firm said Lilly is building a strong incretin portfolio beyond tirzepatide, with newer drugs offering additional treatment options and potentially superior efficacy.

UBS has a buy rating and a $1,425 price target on Eli Lilly.

The company's shares were down more than 1% in Thursday afternoon trading.

Price: 1144.71, Change: -12.37, Percent Change: -1.07