Eli Lilly & Co: School is in session: Feedback from LLY Office Hours

Research evidence excerpt

Eli Lilly & Co: School is in session: Feedback from LLY Office Hours

Equity Research

U.S. Biopharmaceuticals

23 June 2026

Eli Lilly & Co

School is in session: Feedback

from LLY Office Hours

LLY held its quarterly pre-close office hours intraday on 6/22. LLY OVERWEIGHT

Key focus points during Q&A were: Foundayo commercial U.S. Biopharmaceuticals NEUTRAL

launch, implementation of Medicare Bridge program July 1 Price Target USD 1400.00

Price (23-Jun-26) USD 1107.08

and international obesity market dynamics. Potential Upside/Downside +26.5%

Source: Bloomberg, Barclays Research

LLY held its quarterly pre-close "Office Hours," where IR reminds the sell-side of key

modelling considerations ahead of results followed by an interactive Q&A session, intraday U.S. Biopharmaceuticals

yesterday (Monday, June 22nd). With the company just recently having held a sell-side Emily Field, CFA

event focused on the Cardiometabolic R&D portfolio at the American Diabetes Association +1 212 526 4160

(ADA) Scientific Sessions (see: Eli Lilly & Co: Live from the Big Easy: Retatrutide moves the emily.field@barclays.com

BCI, USgoal posts; LLY event highlights breadth of pipeline (06/07/26)), yesterday's call focused on

commercial dynamics of the incretin portfolio. As expected, questions from analysts on Alexandre Bouilloux

the call focused on Foundayo launch trajectory, international Mounjaro performance +1 212 526 9937

expectations for the US Medicare obesity coverage launch on July 1. We highlight our key alexandre.bouilloux@barclays.com

BCI, UStakeaways below; to dig deeper into how the obesity Medicare coverage roll out will work,

we're holding a KOL call on Monday, June 29th with a 20 year veteran of CMS, see: Invite: Hang Hu, PhD