Eli Lilly & Company: Oral Obesity Prescription Tracker

研报英文原文证据摘录

Eli Lilly & Company: Oral Obesity Prescription Tracker

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

26 June 2026

Eli Lilly & Company Overweight

LLY, LLY US

Oral Obesity Prescription Tracker Price (25 Jun 26):$1,127.69

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 ~152k TRx per ethan.brown@jpmchase.com

IQVIA as of the 24th week of launch, which compares with ~161.5k TRx per Taylor Hanley

IQVIA the prior week . And looking to Foundayo, IQVIA data reflect 20,594 TRx (1-212) 622-0790

taylor.hanley@jpmchase.com

for the 11th 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 ~77% / ~492k TRx YoY looking

at the previous 4 weeks ending 6/19/26, with this growth largely driven by

Zepbound.

• Zepbound TRx were up ~57% YoY, translating to +234k weekly TRx for

the product. This translates to ~48% of TRx growth in the obesity market

coming from Zepbound on a YoY basis.