Eli Lilly & Company: Obesity Prescription Tracker

J.P. Morgan's obesity prescription tracker on Eli Lilly (LLY, Overweight, PT $1,500 vs. $1,251.61 on 15 Oct 26) focuses on four debates: (1) Medicare uptake after coverage began July 1 — fairly quick uptake expected given top-tier coverage (no step edits, no PAs, $50 co-pay); Zepbound Medicare TRx for the week ending 10/9/26 were ~261k vs ~247k the prior week and ~74k on average in June, fulfilled via the Kwikpen device; (2) the impact of oral GLP-1s — viewed as category expanding (lower BMI, needle-phobic, cost-sensitive patients) with minimal impact on Zepbound; oral Wegovy (and to a lesser extent Foundayo) shows strong uptake with no sign of slowing Zepbound/Wegovy new starts, and both LLY and Novo note ~80% of oral TRx come from new-to-class patients; (3) Foundayo's somewhat depressed launch relative to oral Wegovy, with broader promotion starting in 3Q;