Eli Lilly & Company: Obesity Prescription Tracker

The obesity market continues to be of significant focus to investors. Key debates center on: (1) Uptake of obesity medications in the Medicare market following coverage coming online July 1 — we anticipate fairly quick uptake given the top-tier quality of coverage (lack of step-edits, PAs, $50 co-pay); Zepbound Medicare prescriptions are fulfilled via the Kwikpen device, and data for the week ending 10/2/26 show TRx of ~247k (vs ~239k the prior week and ~74k on average in June). (2) The impact of oral GLP-1s on the obesity market — we continue to view the launch of orals as category expanding and expect minimal impact on uptake for Zepbound. (3) The ramp of Foundayo, given a somewhat depressed launch relative to oral Wegovy. (4) Overall market growth/share trends — weekly TRx for the obesity market grew ~82% YoY over the previous 4 weeks ending 10/2/26, largely driven by Zepbound (TRx up ~73% YoY, translating into +328k weekly TRx, ~54% of market TRx growth). Low-dose NRx of Zepbound a