Eli Lilly and (LLY) 27 Apr 232023 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Lilly Q1 2023 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to your host, Joe Fletcher, Senior Vice President of Investor Relations. Please go ahead.

Good morning, and thank you for joining us for Eli Lilly and Company's Q1 2023 Earnings Call. I'm Joe Fletcher, Senior Vice President of Investor Relations. today's Ashkenazi, Dave Chief on and Lilly's me Anat CEO; Financial joining call Ricks, are Chair And Officer; Dr. Scientific Ilya Immunology USA. Lilly Diabetes; and Chief of and Lilly; Mike CEO Lilly Skovronsky, and Jonsson, of Anne at Officer; Dan Lilly President White, of Lilly Loxo Neuroscience; Jake President Yuffa, International; of Patrick Mason, President Van Naarden, Medical President of Lilly Waha and team. We're Lauren of Springnether, also joined Relations by the Kendo Mike Investor Zierke

projections making and statements During this anticipate conference we our on expectations. forward-looking current call, based

actual due Our three. to factors, including results Slide on several could differ materially those listed

Additional we sufficient our information not that latest prescribing provide and and pipeline about actual Exchange the with cause in and differ promotional is XX-K not and results filings our of It's subsequent products to concerning community. factors for the investment Form the intended is contained information materially benefit be The is to for Securities could Commission. decisions.

our note prepared As we remarks, measures. commentary transition that will on financial please to non-GAAP focus our

turn over to call I'll the Dave. Now

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States. actions our financial United March announced affordability on Lilly to the to updates, discussing note in improve like the results insulin X Before also I'd pipeline and

for broad to through Lilly We led it insulin, easier used are people make the commonly these significant implementation most $XX reduction and of out-of-pocket have to cap of list for our access a proud most price to insulins. our including efforts in

remains it reduce to That by stakeholders substantial for action use But need affordability. insulin to who will there access system. said, in and systemic our improve need engagement change Bringing affordability require real we existing who and affordable access those all together, and can insulin. health barriers opportunity insulin people and to to create

Moving results. to our

made sales antibodies year. or which can far You this growth basis, that from on by excluding on volume a so revenue, see the constant we've of XX%. -- antibodies strategic sorry, QX grew COVID-XX Slide driven COVID-XX currency of sales this deliverables on X XX% progress our includes XX%

addition growth products by category, of will product will growth products. product key products Volume come. the years growth ongoing newest additional We designation in believe our performance classifications the both with classifications represent an evolution which these is investors of was to expect which see from in help to in Mounjaro, QX also leading potential. our include we growth and that and those and prior it months new The new product Jaypirca, includes underpinned the

product as year, categories product volume the Lilly's launches the and product percentage in points in combined contributed belief well growth to strength quarter XX the and our -- first this of new These expecting this revenue, expected the new of reinforce category QX. In throughout of million growth as products outlook of contribute $XXX decade. product growth upcoming

in Indiana. facilities broke we Boone site two at the manufacturing our Monday, new County, ground Last of

site at new for Lilly's Carolina. starting towards as year And in ingredients planned investment further project active We also continues announced $X.X production a and Research therapeutic this addition later the expand manufacturing Park Triangle investment previously to in announced billion our in billion this North modalities. $X.X network progress to our

the business on the our These transactions Zyprexa we front, effort the our next-generation of portfolio, medicines. this will our including two time agreements rights sell On and week, entered into further rights development olanzapine to enable to past and to focus us

for several Verzenio updates pipeline, issuance a well our mirikizumab in the including and the the call, approval regulatory Letter had Japan Track obesity completion QX Response since tirzepatide chronic global as lebrikizumab the opinion FDA Phase designation. second weight breast CHMP evaluating positive States; which Fast our for we've atopic rolling for our advanced for of in living under study expansion in of label and United submissions top in SURMOUNT-X, in the EU management overweight, U.S.; III line positive Complete with in earnings or a important a the dermatitis; In EU the for as for Japan cancer submission for enable FDA's in adults for tirzepatide and readout will with

with discuss excited top Phase are will Dan further, we this III of the but line SURMOUNT-X trial. results the

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of submission costs. And FDA the of coming weeks. public an lives, the make that to addressing would FDA health in enormous the we significantly SURMOUNT-X and with our readout. impact obesity the following aligned could submission care We come health difference reduce in completion people's the anticipate We completing millions believe

journey to We by the in care. redefine step obesity encouraged important are this next

list billion in On we events since earnings repurchases. $X Finally, QX other including five, clinical call, important a dividends several see our Slide quarter, and this and discussing million are completed of $XXX share updates we key regulatory, you'll distributed in today.

QX Anat to the Now to I'll our turn call review results. over

period. XX% summarizes base the six basis, yet despite performance. solid first COVID-XX versus United a which excluding from a non-GAAP revenue or States, QX, Thanks, exclusivity our of on loss QX XXXX. When and increased on in face revenues performance revenue currency business competition headwind In comments XXXX, did a highlighting momentum substantial constant generic XX% my declined from Dave. for the meaningful I'll not in of focus XX% quarter antibodies, in the Slide financial

a primarily of sales of increased as prices. revenue in COVID-XX this XXX percent and operating marketing offset by expenses XX% upcoming in antibodies, XX.X% points partially product XXXX. basis realized lower selling margin increase quarter. and QX The R&D by higher Total percent late-stage assets. increased Gross by expenses was increased and XX%, for XX%, lower gross increased selling driven launches margin to recent expenses and by associated development indications. administrative Marketing, with expenses higher driven driven expenses

or reflected sales with as negative This lower expenses. approximately primarily R&D revenue antibodies In a paired revenue, million quarter, quarter, to the income COVID-XX acquired points recognized and and of this for of driven basis IP X XXX SG&A $X.XX acquired of milestone decreased attributable million of EPS. XX% quarter R&D of acquired EPS. and percent $XXX by higher development QX charges we XX% impact Operating IP to of due charges. $XXX Operating QX, or charges $X.XX a in totaled was R&D XXXX, R&D IP income

Our points Rico bottom same QX in of share the the to XXX primarily period XXXX, This tax per the increase basis line, delivered the by effective tax rate represents was regime. tax $X.XX. driven compared XX.X%. Puerto new of earnings At we of an impact

growth. the effect of volume quantify we price, revenue seven, Slide on and On rate

quarter, U.S. revenue This declined XX%.

COVID-XX billion and and U.S. to totaled QX robust approximately driven X% Humalog We a antibodies, Trulicity in price year. revenue volume XXXX driven Verzenio, As the net $X.X growth experienced QX COVID-XX by Trulicity. by zero XX%, antibody in reminder, of U.S. compared revenue revenue Mounjaro, a decline for this When the of in of quarter, grew Jardiance. from for excluding primarily

Mounjaro in by XXXX, Jardiance driven we volume half of As dynamics. revenue into X% QX for will we Verzenio, and in steady Taltz. access year trajectory currency, Europe prior versus expect its growth driven second by the primarily considerably continued growing move growth pricing cards headwind constant Trulicity, and saving U.S. with ease

Volume in XX% increased in Europe QX.

generic QX extent, For Japan, X% continue a growth waned, base competition and, we increased the period as constant lesser led to see and Jardiance. and medicines currency to robust in Alimta to in our by Verzenio of Cymbalta revenue newer strong impact

QX Saudi Volume XX% which added growth Arabia and Verzenio last world declines was Revenue the X% lesser decreased to net year. in to the million currency by in in volume in of $XX currency, to in Cialis growth of China. volume-based declined by the the constant Humalog, rest by QX of procurement and driven Taiwan largely Moving Revenue driven extent, growth by Price and, Olumiant. of constant offset to price driven for Mounjaro in X% offset shipments was of by scheme declines. sales were partially with increase in Jardiance. a in of rights XXXX, Verzenio,

shows contribution product Slide volume category. by growth the worldwide eight to

include the new products to first which launched prior second Dave mentioned product categorization called now product from on X new categories focus product. earlier, categories, expand XX evolved with The have and the includes market products led and key included continued product a up XXXX growth since Mounjaro by key the we called growth to category several select years. products, As that and new to Jaypirca, products years exclusivity. we also for in in made have coming the growth and is product The of months been expect

volume can contributed the was see, categories COVID-XX points revenue. decline mentioned quarter, growth As largely by you which new the over offset in for previously product XX antibody the percentage and of growth

QX. the impact revenue growth from to substantial be throughout most headwind the antibody will a While COVID-XX the lack of in year, was

COVID-XX antibodies, XXXX, we billion representing $X.X in of billion the realized As from I sold mentioned QX XX% XXXX. earlier, full revenue approximately the of in year $X

adjuvant Cancer continued the is which high-risk and categories. the care breast the XX% Verzenio but adjuvant me Slide data across follow-up highlight breast standard worldwide label specific Verzenio, highlights X trends San at product long-term Mounjaro saw continued uptake listed as in for X December more of sales I'll cancer. the perspective shared provides the our additional in Breast NCCN performance the its growth QX outstanding last recently Category expanded Symposium of first, of and cancer. shortly, in now let Antonio support about monarchE on speak

a years New market. pleased its continued the outstanding the that be for we the Jardiance performance for children the accepted on DYNAMO XX the Jardiance type continue announce performance of incretin to Application of worldwide QX, In XX% dynamic encouraged results in sales older X the to and with lastly, based and growing trial, supplemental FDA III were And we Drug of also with strength quarter. diabetes. Phase Trulicity's by for growth

of XX% coupled product's Trulicity the anchored and easy-to-use profile, and device. sales grew with the in robust convenient efficacy QX, by Worldwide safety

holistically products XXXX Mounjaro XX% grew QX revenue two U.S. together, for at in Looking these and versus XXXX. QX more Trulicity

XX. Moving Slide to

me Let quarter. on share and the some Mounjaro's performance context for commentary

the with the with substantial over the benefits type with Mounjaro. it momentum QX are treatment patients are diabetes We X course more positive as pleased means realizing of of

patients, diabetes growth QX following X actions trend. see of of use savings overall we shifted intended continued prescription trajectory to our have by positive the the program in While a reinforce to Mounjaro type

on Our focus growth driving continuing expand while new-to-brand is to access.

In QX, type and Mounjaro steadily we from campaign, continue initiated access TV X diabetes. we for direct-to-consumer our first build Mounjaro to

just in of QX just under the type XX% from across Part X, access commercial for XX%, As for percentage XX% XXXX. scripts of Mounjaro patients stood X in D. paid April diabetes at We that up QX approximately estimate and was over with

As the we of inclusive paid co-pay prescription a non-covered scripts but outside those as the reminder, card. define $XX $XX covered co-pay cards

forward of improvement we prescription. the scripts the new-to-brand the continued Looking QX in to access paid and in rest and proportion in expect of year,

and On Slide QX through outlays update invested R&D of in capital a allocation. combination investments. $X.X an we on billion business growth our In expenditures, future capital development XX, provide we XXXX,

over just million In to and returned in repurchased addition, billion in we $XXX stock. $X dividends shareholders

XXXX Slide XXXX billion. in we major $XX.X the has range guidance Since million revenue, our XX the guidance. $XXX financial weakened billion Starting most of our against U.S. revenue financial currencies. now to increasing are $XX.X to updated by guidance December, in the be announcing with represents range dollar

update our updated remainder the $XXX the business is based in on approximately million $XXX of FX spot performance. increase have recent year rates. our full revenue million attributable We of increase outlook driving This The revenue guidance. underlying is to

percent margin unchanged. Our a as guidance revenue of remains gross for

assumptions. range our are billion increasing we updated range selling of of and million updated marketing, expenses, results rate by $X reflect operating $X.X an in This billion. costs exchange of terms administrative $XXX to the to In

We assumptions billion of are This development $X.X research also by in and updated late-stage increasing $X.X investments portfolio. $XXX R&D for rate million, in expenses our an the updated results exchange to billion. driven and range range by

with prior incurred We of date which $XXX have potential have been the R&D not charges of have or that transactions. incorporated totaled realized or associated R&D Consistent we with IP pending IP any earnings, business as million. development charges quarters, included

will not it have income portfolio recently tax of closes. expenses rate Each to the be the guidance remain in Additionally, guidance after transactions agreements guidance. and announced factored unchanged. into right been financial and our and Other sell included linsepene our

EPS we of our Based the now our share per and year of guidance $X.XX. full raising are to on these raising reported be range to in be $X.XX $X.XX EPS changes, to to the $X.XX range in guidance non-GAAP

will turn in progress call our to highlight I Dan Now the over R&D. to

Thanks, Anat.

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a data reduction. Phase and data, now look was people in of body in patients Additionally, FDA our line X population. This diabetes. obesity, the With without type achieved least III this in SURMOUNT-X X tirzepatide positive rolling in X X% SURPASS-X based coming to XX% tirzepatide submission have taking rate completing X with the two for we expectations our to now We in patients XX-milligram trials weeks. with similar diabetes in our on type at forward

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to at tirzepatide today, evaluated designed placebo As diabetes a and it with evaluate type X reminder, tirzepatide with mean with treatment for people And comorbidity. delivered with least reporting or to overweight body treatment diabetes. obesity obesity to to X without overweight SURMOUNT-X, with was weight XX.X% up compared people which type placebo SURMOUNT-X reduction. X or for we're compared

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Now I'll closing turn the call remarks. Dave for back to

you, Dan. Thank

briefly Q&A, to year. let go we me progress start to Before up sum the our

Our and foreign and Verzenio, in revenue, a generic erosion core excludes pricing, This by moderated impacts. but exchange related U.S. grew was Jardiance. to antibody driven negative COVID-XX despite Trulicity of headwinds Alimta XX%, achieved which still business, the Mounjaro, growth to

the we COVID-XX antibody our categories of product while In growth and margin will periods the product continued of quarters, the impact expansion. meaningful in coming growth expect operating revenue ebb, new drive prior and revenue will medicines

tirzepatide we'll our Phase challenges, While of made without III advances trial for I some overcome, expanded EU the label in pipeline, of from which was first tirzepatide of quarter submission obesity. second of the not Japan, approval mirikizumab we am for results confident an obesity meaningful our in including the in Verzenio, approval the in positive and

improve We insulin for Americans. to millions and of leadership demonstrated access affordability also

the to market innovative us We and address discover, of to medical we via to to before significant bring to opportunities difficult Lastly, remain the continuing greatest billion and some of committed executing often both and work the approximately develop on and important areas $X.X shareholders repurchase. dividend the need. returned medicines share unmet to

session. the turn over I'll call the to to Joe Now moderate Q&A

caller. Thanks, and first the We're instructions call we're like the manner. in Dave. call at possible please provide for to a as We'd Instructions] Q&A end callers going and take the session, to for a.m. questions XX:XX [Operator the ready conclude from the Paul, many timely as

coming Fernandez Guggenheim. Instructions] today from is Seamus question [Operator from first The

with Goldilocks is of that are the successfully on really you you question thoughts potential scenario thoughts viewing would detailed. us Dan, quite have your lucanumab. that Dan. I can as compete be on, own for just guess, are sort So give necessary I'm this sure to what your investors many

likely wondering and/or play is commercial sort the data, of is how really believe study the opportunity see So once assuming we you just positive. the to the clinical opportunity out

Yes. on things on of Anne some in Thanks, it opportunity. fit will Seamus. commercial I'll start sort maybe expectations how and and add the data might

disease very between of and know will we data I different had drug. So think kinds If XX% on I can interesting those I sort be to how this results, compelling slowing about investors it. speculate progression. for a competition III, in exactly we of meaningful very not think important II, It's in of companies. X replicate Phase Phase it's pharma

a here help challenge about into of huge identify move we is the them really I course, think them competition. better not requiring opportunity do and medical The It's diagnose for how patients. about treatment patients, system regimens, reimbursement. there's

targets in relevant however, to two hit have drugs, Alzheimer's think I Dunanumab species some specifically that's important plaques. disease. the think differences. the amyloid We

that I pretty confidence to solanezumab soluble even the confident just which more targeted about think adds that statement. in probably the we were data, past,

a plaques, as duration an that have As fixed us to of patients. just option result regimens hitting for allows amyloid dosing

the the for months. and Let's expect could dosing to out. turn being I see that But data that of you be will able to as prescribed a rest many patients. life. than patients as drug be stop big That's XX soon even that I take important how think exciting might have a difference your And

for donanemab of win. to lots So ways

you bringing II getting strong the did drug most thing, efficacy we it like this is Anne, consistent and approved think then important patients. and though, what do I have? to showing in Phase

important in remain Thanks, to it's build do long-term donanemab. will time it think Dan. to opportunity the And for confident market. I Yes, mid- remember, and we this take

the the importantly, up, is ready and making awareness have are Dan pathway care of health and investing the that we're these systems and patients that And said, in efforts set sure treatments access as diagnostics, care of medicines that now, for so said, you awareness as these most coming, reimbursement. building then are

market fight awareness, I think and driving cost drugs driving an need of comments, a share. this his to on we access. over It's we a class don't to behalf echo opportunity really getting disease, new to of as build just And then of diagnosis think

that's us So the in important to term. near

next Flynn The from from coming question is Morgan Stanley. Terence

Maybe two part for me.

any just to North could Just And you to time key expect things the not on to on IRA, all pricing, side, of talk as board. give going come you're you on as brand tirzepatide as going that the manufacturing, maybe about and some update access to you're in us But think takes. just decision the of just think on can split we those here. I puts kind when then two lines about considerations a you know Carolina through whether

on to those go and any Thanks, then Terence. update RTP. questions I'll for branding considerations on Mike strategy

All that question. right. Thanks, for Terence,

obviously, On any going yes, on we're the not that. provide clarity to question, branding

kind X think of an cons for more X if you or is the some a X on indication X-brand pros scenarios. have manufacturing our X commercial access for vessel it promotion brands, obesity of Also, the brands brand, look and for with chain benefits. I you efficient the the at pros supply are, and empty versus

and takes part. that's of that on kind So puts the

there. that year, On talked end the the supply, I of think capacity there maybe last We on questions and toward this other I'll supply focus I'm progressing double to sure year because by the overall that be answer may question was we're our goal.

better bit as QX directly be brand will for manufacturing [indiscernible] channel over every online plan day manufacturing up, fully the Our is our hard important And bring for in team this saw milestone obviously, QX. first and us that We a our we this inventory you is year. working bringing year. believe what our delivering

a be The globally long demand manufacturing tremendous what goal. toward just And for we that create order then a team for to our where think incretin meet in we're incretin to is is to across our supply portfolio and portfolio. product entire the we need to all investing long-term progressing significant term, going

from next from Chris JPMorgan. The question coming is Schott

you've the picture and resolved. seeing issues what NOVOS being just first a bigger category incretin Can then growth capacity It X-parter in nice we of strong ramp Just well. saw with very a this Mounjaro, seems further step-up like in as you talk we about had been maybe market?

seeing obesity guess changing go-to-market that's underlying that you're demand when your all and then is I just that's Mounjaro approved? there, think or you for out either the of when at both investing kind strategy in the space So how about tirzepatide

second the right And in side. versus me capacity how to we're trying just use given all within the Lilly change in kind give just you're sense of I'm update program. can about nondiabetics, trends, the the the diabetics now on we investment terms for where kind just surprised then Mounjaro you of quick get of you of the just adapting of in question just side, think to volume are a a I of that more beyond -- Bridge is by think stand

X-parter and in versus there. diabetes with Thanks, market the and the bigger that in growth to for how go first around picture category we'll and Mike, round, use incretin for you Chris, part about none. the thinking we're the patients then second

focus out-of-pocket With on as to come well X a to access. to formulary our a Okay. diabetes, our people for to card patient on only I'll have for for answer new have Mounjaro, low continued our type someone with as they savings second promotion the changes have to of -- cost, first. question

for contracting only diabetes for are Mounjaro. We access

new point, vast new have X this diabetes. assumption people the are type our at who of that Mounjaro to majority So is

We We really the by X aggressively classes both incretin diabetes. as a on to people in the treatment We're really type early offer market, outcomes. and both the their as type type to On of not have yes, market diabetes. growth in in obesity plan X health who help to surprised long-term surge improve and the disease diabetes really opportunity. it's It's appropriately course across growing big think there's to promote the well front. opportunity this product X invest

and I points just surprised obesity relaunch. think really the And to of and have the then as that unmet in the a not there's we needs marketplace. help SURMOUNT-X patients it tremendous the uptake the we're And meet really Wegovy's opportunity after data market. just tremendous really And resupply demonstrated, to need the by

type good in ourself both that and to X no markets really successful both changes diabetes and then the establish be prepared us. grow opportunities. chronic have grow weight growth would for We're management and felt our market. the So in market share We

Colin is next The Bristow from coming question from UBS.

Congrats on the data. and quarter the SURMOUNT-X

So cadence gross year? over it's how Or another can here a review on to just and wondering, you the XQ. then importantly, of it Mounjaro, post then And in case? balance obesity, And time the sort kind lines you potential obesity? think would think and Mounjaro I should the help of more see priority the the handsome expect approval step-up I be was us anticipated down to through of reasonable improvement from walk the us step on continued that can about net about to comforting we Is use voucher? not of the of just think temporarily?

Okay. trends about Mike, you of can and a net these go Colin's gross to priority kind and voucher. general cover then potential use ahead of points and review thoughts question

that. appreciate Okay,

our Mounjaro, look best paid patients That those which who's the we it's noncoverage original for as think by launch. I to TRxs, define was net to our On at supported gross $XX program. at progression our not savings program

Anat we presented slide that that just of time. have on the paid really from the TRxs good growth early see seen You over

at growth was versus from in XX% look a TRxs. QX take you growth paid it a If the QX,

at look started before last paid the the you saving changes card TRx almost X.Xx. increased week, in week by growth If of we the to point time we've

improve happy very to that. we with we're the trend need So gross That's net. see to to

at are are $XX the those by defined we've supported look kind programs, scripts, what of original is Now decreasing. that time, at noncoverage the those we which same as savings unpaid

paid need So to of improved unpaid to X and scripts see growth decreasing. really, net to increasing to lead you scripts that's the trends

expect we to those continue. Also, trends

the approval. end expire. time savings at chronic $XX With milestone also original coming at when June the after weight we'll the are appropriate approval, to about up talk noncovered have We -- a management that set pricing of card and

expedite said, weight submit that do that to working Track feverishly from management, team have in to this Fast regards is right the data With the FDA We our taking coming chronic weeks. designation to now the to expect submission, -- as our it. and plan, Dave

submitted a submission. that. already rolling we are And about also to the have data. We talk SURMOUNT-X We excited

we Track Fast any FDA remove to act think will While the uncertainty. we want quickly with designation, the

get PRV using expect year. the will we and of so early we'll as approval that end And a this as be

The next Capital Evan question BMO Seigerman Markets. from from is coming

patients. First on off, data the for Very congrats today. exciting great

diabetes U.S. Just taking the in could with to system, balance of color balancing system. get some to best the how care as now a the cost really and step essentially estimates pharmaceutical health volume back, Lilly potential I'd products both the that love to without commercial top-selling obesity Mounjaro overstressing to plans especially and

system. Mike, you question. the to balancing potential to potential go back Thoughts? Thanks, Evan, with for commercial stress we'll the

globally, it's with not if loss impact so we question. U.S. with that and good weight say the obesity But weight really this at people think what costs. of at Yes, at, the look it's chronic true there's you more and management -- much we live when big a when who the opportunity to look both easy within, only in with look could number the And associated living you loss, at over boy, weight marketplace, a on does look provide, the obesity. complications let's the focus I look but potential care at health on real XXX have

I we of obesity, marketplace there to think get with agents, savings associated that and and at as will will, risk going medical the associated with we which relieve cost think, closer value. these be modeling, And and complications more the do our using be and to reduce great is societal look this of

that does highlight I And And quantify those significantly. quality life, from were live a at it hard cost-effectiveness SURMOUNT-X, to of times, in who think in really are you treatments the they to look we at remarkable. Also, results with impact real life when patients these those saw important people But obesity. it's how model.

not to great at tirzepatide And population but on so these on I impact will think look at patient a level provide level, like as the you a agents society. value

an add, Yes. country and $X from I comorbidities. complications Maybe is on latest Medicare obesity-related think to just spending a data our year acute future do investment the job the do good like in always better about of savings that when it's a thinking trillion pharmaceuticals I Trust we we're as COVID. we think and about very buying health. Maybe a as don't

didn't COVID it as spent and I billions therapies question think tens of on much. we

rosy the going not drugs. sell But most forecast, here's -- think we're $X of obesity in even I to trillion

today over be is can that, of time, that more multiple whatever demonstrate the like, that a treatment will downstream? question savings in We're people confident the we reduces Xx, invest XXx for cost medicines. highly So

do an studies that that. demonstrate That's outcome We as our innovative company have to prove is the that. job to

that will good the and thing, same the be doing are competitors for field. our think I

pharmacologic health care before, for I've the and dollars it's treatment over should as it hard obesity trillions everyone system the this of decade standard overweight accept of be of that and imagine by just save to doesn't And that said this will time. care, end

So position. to for position and that's our fight that we need

right But to work. do as that for now, numbers, are soon, outcomes. we And about need the next year as loss tirzepatide. talking coming early is also not weight We data

from Chris Shibutani The next coming Goldman from question Sachs. is

of precedent where ARIA and recognizing With base for are, fall that I think sort including was improvement, there's -- safety head-to-head difference rates that have in data a have we I tolerability you the patient about when relative level populations. some for its thinking last think there expectations the profile, frames what of

aspects Now that you're doing placebo. this this study, of have there's you include where intervals that dosing

using meaningful you You that blood-based also what would baseline differential? biomarkers. Should Can help frame for we data? have expectations a of about be prior us talked reflect expectations the more

how much all Or about MRI there to logically this room are of And cared really for? threading that require is logic patients of managed, tremendously to new be relative think how these blood-based Or to when going just sort improve? you help of are biomarkers, with also and some from in which TBX. you're natural patients is investing these is results know I studies of the us ways going But like this to in? that

over a Thanks, commentary unpack to Dan question, but for to That's TBX. lot hand on I'll some the in Chris.

a what don't of X% scan. And a symptomatic rates, It's I'm patient focus ARIA correcting is on symptomatic an means is Chris. less advanced range what the want or class. Thanks, with think ARIA to that. adverse We a to on around that's ARIA. from don't incidental topic We starting that just an really misperception about. ARIA this. think you across we I sort glad we over-index the brain asymptomatic on a raised sort experiences lot of No. is in to Probably field rates, know maybe finding want the XX%

understand adjustments all study. can that those ARIA? have ARIA without a better have in we to this could drug factors see or is then We patients on the don't there baseline of what are another that might symptomatic symptomatic you MRIs we ARIA, That's getting Are problem. to And symptomatic the we blood a see patient of want X patient and which the not cause ARIAs? that who's understand benefit get so in they can going on to still the those dosing symptomatic predict there have could biomarkers that things to

our and drugs, there's this highest a see do don't What a going overall, patients negative a identify where outcome. or as lead a to understanding it's here. positive patients how outcome thing more study best how entire to I ways. It's in not add that these using dosing is best should of binary responsible of more the the that have have drugs who risk change the probably to comfort class in field to to

of Meacham coming from America is from question next Lynch. Merrill Bank Geoff The

data. Congrats the on

don't the data about couple a on for tirzepatide? On SURMOUNT-X, have related have commercially rebound be continuity know And sure what we in of real effect but I discontinue are thoughts your you once therapy of wasn't just ones yet the there Just world. learned Dan. to lessons of

the say, obesity, et go GGG, there selecting lot the a the is could that look indications of still announced other but think tirzepatide cetera, tirzepatide apnea, outside cetera? development sleep are And or you of like when second diabetes versus, what officially is for versus you et development you in one about When that after settings haven't criteria oral

Thanks, Geoff.

on happens drug it time on that have the people and here. question That's expectation requires tirzepatide take is probably think obesity. are asking I'll of the manage I pressure drug, implications we to this have, you follow to come is like other Okay, for benefits. sort I'll some what drugs unfortunately, to have when and we we up with let for Starting and drugs lipid-lowering what your probably of commercial off SURMOUNT-X, our to Mike questions which get every should continue start and expectations drugs blood for

happens. successful their them of back is patients probably real come the will And this off the regression some try My but that that, maintaining experience drug. the see to to does some and in probably expect we many towards prompt commercial Maybe second will drug patients? Mike could back may in can on expectation comment many for what their mean coming weight, That's although on natural in them of dynamics. completely What a world will baseline. weight be

other cause of big loss. really drug at In this weight a look that can weight impact that like tirzepatide a never via indications, There's terms things amount loss. of we been could have

that's a sleep lead of failure, seeing gotten and through mostly, things we're or that So you how heart diet can to that kind and on what few like exercise. we've And among bariatric indications looking mentioned, apnea and others. literature surgery benefits to

where the adds be confidence terms around of we In and it better. redatrutide, right have might call be could drug like indications could drug of most which be there GGG, a some course, now, which tirzepatide, but glucagon best

has better example, on effects plays in profound For glucagon liver for of like the maybe obesity fat that liver, complications so related to disease NASH.

primary of other oral, loss make GIP, hand, improvements our any much important doesn't care the ease hand, unlikely as more as Orforglipron, broader, because on of does it weight tirzepatide. more on have indications. which it have other an the But the may use to constituent tirzepatide profound applicable some metabolic as to is

So that's of thinking on bit a we sort those little how out. Mike?

Yes.

consumers tries increasing controls market the to body one disease the exercise, into that opposite -- a it it this and appetite. care the by gain the you with is as way long very be weight side, to we'll successful aspects look reduces tirzepatide, the When and losing When that tugs important as to payers needs On someone weight lose this product and and actually term. in for chronic professionals that weight, of to a that and how works, most commercial it chronic launch diet health of against and appetite. someone via be works at is medication we chronic adhered the management upfront is

because That's reduce why appetite. these agents, the does work it tirzepatide does

So lowered then then while on appetite therapy, the And will increase. we be appetite maintained. will anticipate the stopped, that and if

like that do you a statin seeing a will drugs, start something even be don't stop that, think unlike that taking before you We if something really you else, Now don't any weight will noticeable gain. you that feel this soon effect begin or stopping is effects. know after most therapy

patient So this be we an be chronic for that I long signal is a treated understand a to think term. important disease of to think and will that needs kind

into emerge it obviously, the D. order with indications -- But other need thing and As the reach for Part overarching. goes and And Medicare these apnea complications Complications like additional that diabetes, for talk you about important access we sleep like X into on like maybe the into and access senior lot heart obesity, failure. a aspect in are indications, get type living additional they an the be to population. X with when will important run

really help important to this indications for think are believe are senior these this And get these access because population. so important think But the we these we we to health important important important commercially, are also that study conditions. is because really complications will us

think really commercially, we So these are question. the for Thanks important.

The from next question Evercore ISI. Raffat is from coming Umer

that considerations. on super case be your question pricing, relates price Mounjaro? the have where members class in what's year as basket IRA on like our it's patient Ozempic drug as and other the your thoughts. in be are to And impact the non-Medicare I I not feel book would And scenario secondly, clear. in be Mounjaro? of it well be realize first compliance it like business? especially I'd per a A, the an Mounjaro. pricing there not would base I it as on XXXX, a net the impact beyond not Trulicity would in expectation should curious about maintenance to And

might I'm around Mike on about pricing net for and on Umer. and go Mike? the commentary how general the Mounjaro the to IRA is Mike. maybe kind Thanks, I'll of might if impact question that others. basket, Ozempic what to be Thanks, also evolve sorry. in then

have price Yes. we Mounjaro. No, for mean, point question. I on pricing, good X net

find the at flat treatment. starts, free That pricing price. be across same price that new for the will people for the the them maintenance form works is same people to right have for on dose to dosing it feel can so We

eligible in ways I years But if Yes. question for and to dulaglutide just and eligible, it's be the that clarify, proposing prior the clear same government government right play in IRA, it us to your a et is various the cetera. lot effectuate this. out small years two a in got will Nobody let's do proposes just if depending on to market? semaglutide the if because And there they're not year maximum clarity consumer sema the draft how knows X is from happen molecule will fair of the selected because price to really it's the so-called in isn't to commercial the guidance, about launch, level. What sales

They're entertaining it ideas, appears, initial few their a guidance. from

determine, then prescription? And in D proposals hoc. is not as valid not up us, and maximum Part to tell I expecting manufacturers Umer. it eligible regulatory, probably price? we're think third else, a but that XX the what statements Is But is prefer we're for example, more definitive someone for to you or since days, the to party we either in comment I post party that a fair coming can this that regulatory transaction match in transaction we'd step a need would that

in created, wholesale have that worked you price. something And thing. that This the the donut not and reduction reach the maximum We be did administrators. when hole that what scenario, we've suggested was is with would price will fair administration like third-party a the pretty well it to best

think You for fact, certainty industry distribution patients, way, That maybe I bit commercial well and lack across for and able channels. little after a probably for keep would separate. and and two creating more it of segments, the as obvious arbitrage to in government do that physical has payers be the the and advantage

as but comes but that now. have more the ball's court out, detail it, So to government's on be there, we'll determined in commentary

coming from Tim Wolfe Research. question next from Anderson The is

low payers likely obesity the characterization? be me, equally opinion, will to Or will I U.S. about longer U.S. ex happen To to questions your U.S. because wanted product term? it the it play fully discussion ask U.S. and a opportunity when like seems relative the in Is ex a think markets. the know all in more you enough about basically markets the how to like open seems But that it U.S. much think like I over fair obesity ex some about offset sort it is like you the up out are this. markets any of pricing hesitation with in will do U.S.? the restrictive

good the to Lilly International really over question. in hand weigh for our Ilya Tim, I'll on Thanks, to Yuffa, of President that.

thanks Tim, for question. the

is As opportunity. commercial management as a opportunity chronic happening therapies current weight providing at much access we A in see pocket. the U.S., many take it's market We loss internationally also significant significant patients. and the and significant to of lot and benefit utilization outside look provide that still weight of a already out markets of don't that

markets are higher At BMI Europe, the ways of other especially markets the are in already same obesity. time, in reimburse, looking to there that already moving reimbursement, at categories towards and U.K.

look time further in drive over well. an also, including a as do we Asia, on many countries, this And and at significant so of foresee play market out-of-pocket And Europe South outcomes will we America both out to and expansion data as access.

to also you'll I overweight, management obese, over time, population over the And opportunity of the chronic invest tirzepatide we'll both at expanding Mounjaro the see management, that and chronic so that grow introduction think take weight total a opportunity look there's in that weight U.S. but improving significant but look is for to a time. of globally significant access in outside

Tim, get question. as possible. questions through next thanks, as and question. we'll Ilya, to the time, Running for so low on many try Paul, Thanks,

Cowen. coming Scala from next The from Steve is question

would conclude risk what and NATALEE us adjuvant What use adjuvant question, that to presentation And are still data other line now that that Verzenio highlight? the what consider? easy to available appreciate to a I would seen like key answering Verzenio to the will of aspects Verzenio we have is NATALEE fully use decline. is to scenarios opportunities you in NATALEE? would top of be setting but significant you like the to It adjuvant

to question. over Naarden Van the to Thanks, Steve, hand weigh I'll Jake for in the on opportunity.

said framing, The would it to last to We I'm the is last actually thought publicly, a not the not I your agree. be at it frankly sure with agree sure surprise we not positive expected us. analysis we of interim at I'm end really We NATALEE success be positive. year.

physicians of Verzenio by in reminder, which given I setting. studied and is a a of think really that for in requires the we that setting, years, is we Just way adjuvant high-risk two Verzenio of therapy. population in intensification population, specifically that standard now the X is care And the agree

actually. change to We don't expect really that

as Antonio on presented mature our in follow-up have San We last at data December.

We listing in have Verzenio NCCN Category for setting. a the X

more to role a population, a is pretty noise Verzenio's endocrine whom bit think ribociclib study, population intermediate a in population a We didn't cancer of positive for breast questionable. risk I seem about clear. is benefit hear adjuvant in little risk that lot we I high-risk the think

forecasted its that that ASCO setting a pose that very in extent setting, fine. role Verzenio we doesn't really the prospects. see opportunity That any in to where we drug That's confident the in for the high-risk sure. for at threat provides to And the remain still data

from SVB from coming next Risinger question The Securities. is David

So NOVOS, updates. trial and all outcomes to the cardiovascular just your Wegovy-SELEcT take on potential I congrats get on wanted implications.

then the could on the that think efficacy expectations you surprisingly scenario are that comment trial comment on scenario I So Could modest. that be the also and fails?

to over hand a I'll update. for Steve. quick Dan Thanks,

Thanks, of better Dave. questions to Maybe are those addressed some Novo.

you many likely I most think trial. I what an be. could benefits, positive. and expect know based good cardiovascular demonstrated will on without passing how that But will efficacy stopping has be benefits, don't upper reasonably weight the an sort know the limit early, think put including can interim in exactly expect be. to on clinical be loss We that's trial we a that people so I large of

We, look weight like the diabetes of those No will that. studies the surprised I'll loss or going and to both idea anything We'll in population have number and the obesity stats outcomes. if be population. forward what our But X translate doesn't the in into be benefits. here, own type course,

Holford coming The from Kerry from next Berenberg. is question

please. questions, Two

mirikizumab. whether Can has this anticipate to manufacturing would expect from detail and X launch any on specific the the Class more First in X in whether the U.S. provide a indeed you or issue when you FDA take to you year. refile that you responders

on Secondly, a question [indiscernible]. for Anat

here in announced quick succession. you've two divestments So

anything additional But divest assets to your you're interested there any for use expect to is I'm Just Clearly specifically you investments. R&D more can cash? the to external seeking Are if expecting R&D this? then monetize? we there wondering, investment. see, as any say noncore that driving too, And priorities internal of

of on IR minutes, since a the we can on and in time, just with have couple focus Maybe the the second interest connect first questions of afterwards. question, let's we

Patrick I So mirikizumab update, hand over that. for to

you much, Kerry. Thank very

did of As only but their aspects And certain disclose cite Dan the profile miri, interactions generally, of FDA. concerns we details process. about CRL timing stated in commercial with earlier, not proposed regards our of clinical the the to don't the the manufacturing

In today questions to details are the we also as first-in-class miri that working time steps address very the say by QX. of FDA the discussing U.S. the confident outside to regulatory the in we in remain as And are opinion also line. U.S. launch the and to late I'm ulcerative approval in the of a next But can as with forward I But closely very the looking together with European understand body. we and meantime, the the launch extremely the colitis to launches positive early happy

-- Paul, maybe queue. so X question for X the through maybe send last time last from the question, last

The last Mohit Bansal is question from Fargo. Wells coming from

again. Congrats,

longer Just term, about I a thinking this of have Trulicity. know Mounjaro. capacity are talked year, for about question you on you trying doubling double but to long-term

may at be If what enough. numbers look Street even not projecting, consensus or that you is

are you the So Mounjaro? the in for how thinking about capacity term increasing longer

hand to round and it out. then I'll Dave that for we'll Mohit. Thanks, question,

have a having product situation the it of make need Right moment go will useful, unique We're it to will suspect of Thanks expand use after whole the for I'll the terms investing and pressure Obviously, we in an and label, make wrap-up now, right fulfill in alternative ways of -- I time. thinking basically that. have And we that. on question. expand capacity can't for this some in that's category pressure the when really. put to I continue there. all-of-the-above of think so out supply Okay. enough this we key. here to

talked we've the certain year. announcements made we've site this RTP about So

the Our which RTP site, investments beginning further. year capacity produce, site in expand We've Carolina, North numbers original the that's in size. additional made will sister of the to equivalent following really also

about systems global could we're delivery available for that today, more providing then talking be And other even demand fulfillment. capacity

So the we're endpoint. about here in on excited a that we're road map

all impatient short little more with expansion. in frustrated and probably be the we'll of a I the term rate think

going steep assured, rest angle is that to terms into up pretty and line and continue in for several the right volume we a output, of years our come. But the to expect at

So more we've working do need hard on progress, to to from this make problem, happy plans that with the progress, got here. and

fully close cheaper make, and the of could -- in in of in promise clinically but just terms lot very markets terms meeting meeting punctuating of just the hundreds a like significant know We needs, something also the comment that program particularly millions little also of massive and to solid. large It's year, importance be of product a China other the that has opportunities. and I'll easier profits patients oral orforglipron that has addressing bit per by middle-income capacity. globe demand of

interest talk And innovation we And our the to rate let call thank and and again we and additional want soon. didn't the call Thanks. to get with start please me execute these call for an up today, dialing team. today. the bring on productive And again great with and strategy and close your for please doing. in. been what know in a Lilly we're to participating Have all in have once and It's all medicines thank all give I questions we'll you IR today. and new if earnings that, follow this you -- a XXXX, eventful them we one, I patients. again you questions, as

conference for conference May Ladies XX made available and will be today gentlemen, today. does for through at conclude midnight. replay at beginning this running This p.m. our X:XX

XXX-XXXX. time and dial the You dialing (XXX) XXX-XXXX Thank (XXX) any by dialers the for your you participation. can system access may access code, replay at entering XXXXXX. International

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