Eli Lilly & Company: Obesity Prescription Tracker

研报英文原文证据摘录

Eli Lilly & Company: Obesity Prescription Tracker

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

24 July 2026

Eli Lilly & Company Overweight

LLY, LLY US

Obesity Prescription Tracker Price (23 Jul 26):$1,185.87

Pharmaceuticals — Major &

The obesity market continues to be of significant focus to investors. In particular, Specialty

key debates / questions center on: Chris Schott, CFA AC

(1-212) 622-5676

christopher.t.schott@jpmorgan.com

Ethan Brown

1. Uptake of obesity medications in the Medicare market, following

(1-212) 622-4928

coverage coming online July 1. ethan.brown@jpmchase.com

a. We anticipate fairly quick uptake, given the top-tier quality of coverage Taylor Hanley

(lack of step-edits, PA’s, $50 co-pay), although this will likely take a couple (1-212) 622-0790

taylor.hanley@jpmchase.com

of weeks / months to become more visible.

Hardik Parikh, CFA

b. Zepbound Medicare prescriptions are fulfilled via the Kwikpen (1 212) 622-2875

device, allowing us to have a directional view on uptake in the channel hardik.k.parikh@jpmorgan.com

- here, data for the week ending 7/17/26 show TRx of ~140k (vs ~113k Ekaterina V Knyazkova, CFA

the prior week & ~74k on average in June). (1-212) 622-9576

ekaterina.v.knyazkova@jpmchase.com

2. The impact of oral GLP-1’s on the obesity market J.P. Morgan Securities LLC

a. We continue to distinctly view the launch of orals as category expanding

(targeting lower BMI / needlephobic / more cost-sensitive patients) and

expect minimal impact on uptake for Zepbound (which we view as still

best in class on tolerability/efficacy).

b. Here, early data has continued to show strong uptake of oral Wegovy (and

to a lesser extent Foundayo), although there are no signs of the ramp

impacting uptake or the rate of new starts for Zepbound / Wegovy (which