Eli Lilly & Company: Obesity Prescription Tracker

J.P. Morgan's obesity prescription tracker highlights rapid Medicare uptake following coverage that began July 1, with Zepbound Medicare TRx of ~272k in the week ending 10/23/26 versus ~257k the prior week and a ~74k June weekly average. Oral GLP-1s are viewed as category-expanding with limited impact on Zepbound; oral Wegovy is ramping strongly while Foundayo lags, and ~80% of oral TRx come from new-to-class patients. Obesity market weekly TRx rose ~83% YoY (+620k) over the four weeks to 10/23/26, led by Zepbound (+71% YoY, +336k, ~54% of growth, ~59% share); low-dose Zepbound represented ~77% of injectable NRx. Rating Overweight, price target $1,650.