Eli Lilly & Company (LLY): Obesity Prescription Tracker

The obesity market continues to be of significant focus to investors. Key debates / questions 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), although this will likely take a couple of weeks / months; Zepbound Medicare prescriptions are fulfilled via the Kwikpen device, with data for the week ending 10/9/26 showing TRx of ~261k (vs ~247k 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 Zepbound uptake;