Global Biopharma: BARC Medicare Obesity KOL Call: EU & US takeaways (+LLY, +NOVOB)

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Global Biopharma: BARC Medicare Obesity KOL Call: EU & US takeaways (+LLY, +NOVOB)

Equity Research

U.S. Biopharmaceuticals

30 June 2026

Global Biopharma

BARC Medicare Obesity KOL Call:

EU & US takeaways (+LLY,

European Pharmaceuticals, Biotechnology+NOVOB) & Life Sciences

We see Medicare Obesity providing meaningful vol. tailwind NEUTRAL

for LLY & NOVOB though 2H26/FY27, albeit potential soft U.S.NEUTRALBiopharmaceuticals

start. KOL sees July 1 as a "soft opening" with meaningful U.S. Healthcare Facilities & Managed Care

implementation challenges. Very strict claim review seen as NEUTRAL

unlikely. Program would persist until congressional U.S. Biopharmaceuticals Emily Field, CFA

replacement. +1 212 526 4160

emily.field@barclays.com

BCI, US

Along with our US Health Care Facilities & Managed Care colleagues, we (Emily

Hang Hu, PhDField, James Gordon and Andrew Mok) hosted Eric Katz, a Washington-based health policy

+1 212 526 6364

expert who spent 10 years in FDA drug policy and 10 years at CMS in reimbursement policy,

hang.hu@barclays.com

for a KOL call focused on the Medicare GLP-1 Bridge coverage rollout (scheduled to begin BCI, US

today, July 1, 2026). The discussion centered on program design and policy intent,

Alexandre BouillouxHumana operational execution, patient eligibility and prior authorization, post-2027

+1 212 526 9937

coverage and pricing dynamics. We came away feeling more bullish about the meaningful

alexandre.bouilloux@barclays.com

Medicare volume tailwind to LLY's Zepbound/Foundayo and NVO's Wegovy injectable/oral BCI, US

through 2027, although implementation challenges were expected.

Xiao Guo

Key takeaways for US Biopharmaceuticals companies under coverage: +1 212 526 9609

xiao.guo@barclays.com