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); Zepbound Medicare prescriptions are fulfilled via the Kwikpen device, and data for the week ending 9/25/26 show TRx of ~239k (vs ~230k 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 (targeting lower BMI / needlephobic / more cost-sensitive patients) and expect minimal impact on Zepbound;