Eli Lilly & Company: Obesity Prescription Tracker

Research evidence excerpt

Eli Lilly & Company: Obesity Prescription Tracker

J P M O R G A N North America Equity Research

10 July 2026

Eli Lilly & Company Overweight

LLY, LLY US

Obesity Prescription Tracker Price (09 Jul 26):$1,216.95

Pharmaceuticals — Major &

The impact of oral GLP1s on the obesity market has become a topic of debate for Specialty

LLY. Here, we distinctly see the launch of orals as category expanding (targeting Chris Schott, CFA AC

lower BMI / needlephobic / more cost-sensitive patients) and expect minimal (1-212) 622-5676

impact on uptake for Zepbound (which we view as still best in class on tolerability/ christopher.t.schott@jpmorgan.com

efficacy). Ethan Brown

(1-212) 622-4928

Early data continue to show strong uptake of oral Wegovy, with ~153k TRx per ethan.brown@jpmchase.com

IQVIA as of the 26th week of launch, which compares with ~149k TRx per IQVIA Taylor Hanley

the prior week . And looking to Foundayo, IQVIA data reflect 19,550 TRx for the (1-212) 622-0790

taylor.hanley@jpmchase.com

13th week of launch.

Hardik Parikh, CFA

(1 212) 622-2875

Finally, looking to the injectable market, we have not seen any signs of the ramp hardik.k.parikh@jpmorgan.com

impacting uptake or the rate of new starts for Zepbound, which continues to

Ekaterina V Knyazkova, CFA

account for the majority of new adds in the category (largely led by strong vial / (1-212) 622-9576

cash pay growth). ekaterina.v.knyazkova@jpmchase.com

J.P. Morgan Securities LLC

• Weekly TRx for the obesity market grew ~75% / ~495k TRx YoY looking

at the previous 4 weeks ending 7/3/26, with this growth largely driven by

Zepbound.

• Zepbound TRx were up ~57.5% YoY, translating to +242k weekly TRx for

the product. This translates to ~49% of TRx growth in the obesity market

coming from Zepbound on a YoY basis.