Effect of Retatrutide Compared With Semaglutide in Adult Participants With Type 2 Diabetes and Inadequate Glycemic Control With Metformin With or Without SGLT2 Inhibitor (TRANSCEND-T2D-2)

Inclusion Criteria:

• Have Type 2 Diabetes (T2D)

• Have HbA1c ≥ 7.0% (53 millimoles per mole (mmol/mol)) to ≤ 10.5% (91 mmol/mol)

• Have been on a stable diabetes treatment consisting of metformin ≥ 1500 milligramsper day (mg/day) with or without SGLT2i during 90 days prior to screening

• Are of stable weight for at least 90 days prior to screening

• Have a Body Mass Index (BMI) ≥ 25.0 kilograms per meter squared (kg/m^2)

Exclusion Criteria:

• Have Type 1 Diabetes (T1D)

• Have a history of ketoacidosis or hyperosmolar state or coma within the last 6months prior to screening

• Have a history of severe hypoglycemia or hypoglycemia unawareness within the last 6months prior to screening

• Are currently receiving or planning to receive treatment for diabetic retinopathyand/or macular edema

• Have an estimated glomerular filtration rate (eGFR) <45 milliliters/minute/1.73meter squared (mL/min/1.73 m^2) or lower than the country-specific threshold fordiscontinuing metformin therapy per local label as determined by the centrallaboratory

• Have a prior or planned surgical treatment for obesity

• Have New York Heart Association Functional Classification IV congestive heartfailure

• Have had an acute myocardial infarction, stroke, or were hospitalized for congestiveheart failure within 90 days prior to screening

• Have a known clinically significant gastric emptying abnormality

• Have a history of an active or untreated malignancy or are in remission from aclinically significant malignancy for less than 5 years

• Have any lifetime history of a suicide attempt

• Had chronic or acute pancreatitis

• Have a family or personal history of medullary thyroid carcinoma or multipleendocrine neoplasia (MEN) syndrome Type 2

• Have taken prescribed or over-the-counter medication, or alternative remedies,intended to promote body weight reduction within 90 days prior to screening.