US BIOPHARMACEUTICALS

Research evidence excerpt

US BIOPHARMACEUTICALS

17 July 2026

US Biopharmaceuticals

GLP-1 Tracker: Despite volatility from July 4th, Medicare BRIDGE

expansion beginning to appear (W/E July 10th)

Courtney Breen Week-to-week volatility continues due to the 4th July holiday weekend. As IQVIA’s weekly

+1 917 344 8407 data ends on a Friday, the holiday spans two weeks of data. Last week we saw a sequential

courtney.breen@bernsteinsg.com

increase, despite the Friday 3rd holiday, whilst this week’s total GLP-1 scripts declined 5.1%

WoW, or 136k, to 2.52M. This is possibly due to the most recent data including Saturday Woody Polglase

+1 917 344 8314 4th July itself, where many would be celebrating instead of heading to the pharmacy. The

woody.polglase@bernsteinsg.com

weakness was broad-based across the major established brands, but Foundayo bucked

the trend: scripts increased by 4,754 WoW, or 24.3%, to 24,303 in week 14 of launch. In

Louisa Qiu

+1 917 344 8495 contrast, Wegovy Pill declined by 5.5k WoW, or 3.6%, to 148k in week 27. The divergence

louisa.qiu@bernsteinsg.com is potentially encouraging for Foundayo, although one week of holiday-affected data does

not establish an inflection. We will continue to monitor whether the improvement persists as

Specialist Sales DTC activity builds and the GLP-1 Bridge program begins to affect channel-level volumes.

Christian Moore Finally, reimbursement of GLP-1s for obesity in Medicare began on 1st Jul, through the

+1 917 344 8555 GLP-1 Bridge program. Whilst still early, we have seen a notable uptick in Kwikpen scripts

christian.moore@bernsteinsg.com this week, reflecting the first signs of meaningful Medicare uptake (Exhibit 1)

Total scripts: Total weekly scripts were 2.52M, down 5.11% WoW, or 136k in absolute

terms.