This study will test olatorepatide (study drug) to determine how safe and effective this drug is and how easily your body can accept this drug without causing side effects, as well as how the drug is processed in the body by participants with overweight or obesity.

The study will test how safe and effective the study drug works compared to placebo in people who are overweight or obese but do not have diabetes.

The study is looking at:

• What side effects the study drug might cause
• How much the study drug is in the blood at different times
• How well the study drug works
• If the body makes antibodies to the study drug as this may cause the study drug to not work as well

Key Inclusion Criteria:

1. Body mass index ≥27.0 kg/m^2 to <45.0 kg/m^2 at screening
2. Demonstrates ability and willingness to comply with the study protocol, including attending all scheduled visits, adhering to the prescribed treatment regimen, and completing all required assessment

Key Exclusion Criteria:

1. History of Type 1 or Type 2 diabetes
2. Change in body weight >5 kg within approximately 3 months before screening as described in the protocol
3. Bariatric surgery, including any procedures to revise, reverse, or remove any previous bariatric surgery interventions, prior to randomization or planned during the study period
4. History of any of the following conditions: acute or chronic pancreatitis, cholecystitis, or symptomatic gallbladder stones or has a history of an active or untreated malignancy or are in remission from a clinically significant malignancy for less than 5 years as described in the protocol

Note: Other Protocol Defined Inclusion/ Exclusion Criteria Apply

All Individual Patient Data (IPD) that underlie publicly available results will be considered for sharing.

When Regeneron has:

• received marketing authorization from major health authorities (e.g., FDA, European Medicines Agency (EMA), Pharmaceuticals and Medical Devices Agency (PMDA), etc.) for the product and indication or has globally discontinued development of the product for all indications on or after April 2020 and has no plans for future development
• made the study results publicly available (e.g., scientific publication, scientific conference, clinical trial registry)
• the legal authority to share the data, and
• ensured the ability to protect participant privacy

Qualified researchers can submit a proposal for access to individual patient or aggregate level data from a Regeneron-sponsored clinical trial through Vivli. Regeneron's Independent Research Request Evaluation Criteria can be found at: https://www.regeneron.com/sites/default/files/Regeneron-External-Data-Sharing-Policy-and-Independent-Research-Request-Evaluation-Criteria.pdf