Eli Lilly and (LLY) 6 Feb 242023 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Lilly Q4 2023 Earnings 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, Paul, and thanks for joining us for Eli Lilly and Company's Q4 2023 Earnings and 2024 Guidance Call. I'm Joe Fletcher, Senior 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 of and Yuffa, Johnson, President Chief Anne Lilly of Loxo Jake U.S.A. Skovronsky, Officer Lilly and of President President Dan Patrick Lilly; Lilly Van White, Naarden, President of Diabetes Lilly President Ilya of at Neuroscience; Lilly International; and Immunology; and Obesity Zierki by Michaela Irons, of Lauren the joined and Investor also We're Springnether team. Relations Mike

forward-looking including call, statements Actual conference During on we current materially projections and Slide on anticipate expectations. based this results due making our to those X. differ could several factors, listed

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

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

call to turn the over I'll Dave. Now

All collaborations. We our agenda line, was of progressed a right. external we our pipeline, and grew our advanced through top our across partnerships Thanks, innovation Joe. advancement XXXX company. year

pertibrutinib. medicines continue life-changing manufacturing to resilience quality, more infrastructure the year for revenue announced most We IIIs continued to In XX% new the company's our and for positive quarter in we and and patients. gain tirzepatide, the launched of and, deliver our invest reliability and full year, life-saving most grew importantly, XXXX, to XX% mirikizumab donanemab, for past the portfolio recent newly momentum. This as Phase

X as for II Phase moved ritatutide positive Phase III. a announced into molecules and result well orforglipron important as also We these

Biopharma, Sigilon and external of we Biosciences, Bio, to as through innovation, Therapeutics. Dice Immunotrac as included Therapeutics, pipeline acquisition of our acquisitions These terms transactions well the in Therapeutics, Versanis continued collaborations. Emergence Point In complement Mavlink XXXX,

diabetes including Innovation obesity for brought the we will new County, manufacturing, recently, year, injectable site and and importantly, XXXX, company's to facility expanded in in serve manufacturing new further at to This will significant plans device and received In Zepbound, within progress EU Most as the an to and Park including over company's expand investments for and a the Research revenue Verzenio we regulatory to We LEAP Jaypirca, our the for global Jardiance. in the approvals Boone Triangle portfolio. the expansion Park expand This product this top-tier in margin facility construct we time. past label patients. high-tech Omvoh, -- for indications a new sites have several and manufacturing innovative foundation manufacturing plans in capacity network, announced rather, Germany. X growth U.S. medicines Indiana. Most drive X

can see Since pipeline X, achieved grew As new continue in on our billion. deliverables last we you to $X progress products milestones QX. Revenue several we XX% by over make Slide results line the growing more Zepbound this and approvals, III about update well in Phase trial. CLL addition today, top the X announced SYNERGY-NASH for talk -- as will as trial update. to CYCLONE the Dan Jaypirca call, in strategic key against earnings our Phase his tirzepatide we our with II Verzenio

latter of radioligand capability In of Bioscience Mavlink Point and in into we which the terms business development, capacity acquisitions expands of therapies. completed our QX, and the Biopharma,

updates. including Slide clinical, fourth several quarter. a sixth dividends other On in important and announced we XX% earnings X, year billion the distributed a consecutive for Lastly, our list $X regulatory, of QX see events the you'll dividend key over and since in increase call,

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

focus I'll financial Slide Thanks, quarter non-GAAP fourth summarizes my performance of and the performance. XXXX, X comments in Dave. on

fourth the in performance financial strong the for quarter with the full year. and pleased are We

was compared products XX% new revenue QX and continued performance products. increased XXXX. growth by revenue Our QX our of to by acceleration driven growth, highlighted

Zepbound. represents the this a of and divestiture, Mounjaro, revenue quarter-over-quarter Excluding acceleration Verzenio, growth driven launch recent by Jardiance

research for of as well impacted Operating full $XXX increased driven impact well recognized of launches associated administrative additional as as by additional QX totaled the expenses million, costs. a as volume charges negative increased For higher prices, and QX, R&D growth by by offset EPS IPR&D in included with driven year, increased by XX%, driven of income was quarter partially Gross from and impact margin higher of percent incentive or IPR&D higher late-stage percent quarter assets by Gross attributable driven income revenue by development indications EPS. a charges as investments acquired In negative products higher in Marketing, increased expense IPR&D XX.X%. a percentage approximately points XX%. and early-stage acquired new expenses. higher to operating selling robust $X.XX. to million revenue acquired expenses negatively of we incentive revenue and launches, compensation to expenses XXXX, costs. In higher by XX% primarily $XXX expenses the $X.XX XX%, QX, benefited of increased new from XX% revenue charges. offset partially margin growth. primarily realized XX% as approximately the compensation X manufacturing Operating for which higher in

XXXX, benefit the rate At period to and in $X.XX delivered the compared of Our discounts. well inclusive X, in regime. QX tax and Mounjaro, Puerto increase higher the was driven XX% favorable growth. QX, effective by we as impact of Verzenio as quantify IPR&D estimates and and tax to and XX% robust dynamic in change price XXXX X.X% XXXX. On access per onetime bottom in quarter, earnings the growth in effect U.S. the line, price, a was share Rico we negative cards discrete by increased compared in same $X.XX the driven to Zepbound. revenue net Net XX% of in effective tax QX charges $X.XX Mounjaro new compared QX a of tax acquired the QX QX XXXX Slide The compared QX, driven from increased for to XXXX. on lower XX.X% rate rate U.S. for revenue the of rebates volume for by savings primarily

Excluding decreased U.S. in QX. strong growth digits. the continued of by net trend in single high price Europe its Mounjaro,

in Excluding milestones associated revenue and Verzenio, and the by in $XX received constant primarily volume driven Taltz. for was million XX% with Revenue Jardiance up EU of growth of approval currency, launch

revenue are pleased of increased in robust Japan, Verzenio QX driven in and For we by XX% volume as primarily see currency, constant Mounjaro. to growth growth

Volume by Pivot. in was QX partially in driven XX% growth Moving volume constant with to offset primarily revenue China, increased of currency X% price QX declines. by growth

return pleased the Revenue XX% are in China growth XXXX. to decreased the see We world in currency. in to rest of constant

XXXX sales to X rights and exclude when growth product shows grew Korea in However, for contribution Alimta of primarily by the of Mounjaro the you the X% and Taiwan, growth of volume QX currency, constant worldwide Verzenio. Slide sales impact by category. driven volume

As volume see, can for you provides contributed product Slide growth the the combined XX new our XX points growth and of categories additional quarter. approximately percentage categories. product across products perspective

dose orders U.S., demand. In its the intermittent driven continued XX%. breast XX%, Trulicity demand driven by XX% Trulicity. Trulicity for the U.S. with We site. growth worldwide to lesser for sales lower increased going with higher metastatic QX, revenue Starting indicated QX revenue of a like driven steady of delays XX% growth having Jardiance highlight volume indication cancer lower availability FDA of in early would indication. I were driven quarter. drug revenue experienced and by revenue and which as XXXX strong on prices. shortage limited saw worldwide increased early and, extent, the positive the filling growth of to performance strengths performance decreased The December robust realized all Verzenio, by XX% Jardiance in declined January, In worldwide is continued prices. by through realized in momentum First,

orders disruption including delays international professionals expect months. potential affected We minimize existing the continued to by to patients, Trulicity have doses we start communications in coming health markets, taken to to new In of to Trulicity. patients be on not certain intermittent to volume measures care experience

$X.X billion from in change sales in onetime robust sequential change, QX. continued the Mounjaro benefited QX more for the Since up we QX, this access for a $X.X Mounjaro. from of Adjusted in billion growth in benefited type onetime XX, would diabetes Mounjaro XXXX, over U.S., to net $X.X discounts. $X.X QX Slide have our X QX call, revenue In globally, SMS further U.S. XX% from rebates patient in to in and expanded medicine. Moving to billion last approximately grown billion XXXX. as from revenue the grew its patients up

puts for including XXXX, in net in program started that Mounjaro the this June As XX, QX the from U.S. already benefited patients type expanded U.S. commercial on a was parity XXXX of incretins late price in noncovered the to program Mounjaro the therapy patients now change on access co-pay injectable part after for XXXX, X change opportunity co-pay $XX commercial to more QX prescription. with pay and expired for card access Recall This co-pay list the start the insured for Mounjaro utilize type diabetes February XX% X commercially in established the the roughly could across aggregate with noncovered and diabetes. Since patients. D, Today, the $XX without patients XX. co-pay noncovered half co-pay Mounjaro the June XX% patients the program in access X, remain paid. coverage and Part until current program price gives to prescriptions near part on all Compared program to consider we in

weight-related November, then the X building with and of those to announced available received at for started pharmacies, Turning U.S. have Zepbound Zepbound we for year. we formulary on and or the before obesity We access commercial Slide XX. FDA comorbidities. approval December adults who end that overweight are In

employers of pleased opt in are commercial the takes as market February covered after We Access be typical to this early formulary more the gradual to with as X/X place. need lives X. individual coverage contracting access of in of will approximately

opt-ins, Slide Part loss of XX, reimbursement. are we market. Meanwhile, those at pharmacies an focused is coming open on still in do not from from coverage. building encouraging. On the commercial and channel for on for The we In trends approximately access initial employer are Zepbound In broad access X/X program we expect this savings reach drugs update million that in have take we seen with recognized have that capital some allocation. for are who yet provide We prohibited we will weight sales but before D, QX, it time formulary stocking. prescription available U.S. Medicare initial our $XXX

of deployment forward all have of Looking and Omvoh, XXXX which of launches launches to bolstered portfolio, decisions On through as donanemab growth in balance a lebrikizumab, and outline the the potential confidence expect of beyond, strategic the see Jaypirca, relation contained recent outlook, the capital achievement in for summary the Mounjaro, Zepbound you'll drivers to our commercial and serve XX, by decade. deliverables. to and our we of we our our existing of Slide

a portfolio and in innovation and future drive We business will and revenue invest medicines life-changing R&D, to through development manufacturing expansion current comprehensive patients. agenda the growth designed our to in speed

with continue and to capital increases to in with return repurchases capital. through dividend shareholders our excess We over share growth will time line earnings

Slide impact to highlight some Moving the financial that our of may dynamics XX, XXXX we results.

XX% revenue guidance which In growth revenue growing midpoint we and D incretins, range, growth with off contribute to its by our We with a start both products. strides anticipated XXXX from our in launch, the Part driven expect access in excludes of is in covered. Mounjaro, will In and coverage divestiture XXXX, launched revenue early Mounjaro positive expect commercial by XX% revenue made and growth Zepbound. robust substantially momentum Lilly's nearly [indiscernible] led business continued at expanding core be from tremendous we and to of entered lives good XXXX. to December from Zepbound tirzepatide we

U.S. Volume Trulicity Zepbound by we of driven for to that second will offset expect continuation impacted we by trends our Trulicity partially of supply actions of half has in Mounjaro growth, saw revenue softer also U.S. has drivers the an tightness. been revenue Recent been outside sales While and XXXX. be expected this in by declines the be the the

outlook organization in company's agenda continues ambitious well most for As our manufacturer expansion on the for to Emberton, supply history. execute long our

supply Given incretin capacity strong our goal capacity pens in efforts late outpace to XXXX, year-end we to for bring This showed online, was XXXX, demand expect we significant that required XXXX. by continue from received fully expectation in and auto-injector would execution but be through capacity around colleagues In time our double. achieved will to manufacturing presentation XXXX, continue accomplished equal urgency partners our regulatory alternative just with like and U.K. the our which late globe. In the efforts in also increased multiuse through Pen, through approval not January. our auto-injector and Quick will demand capacity

North as the capacity. as and will available product initiate our expand end production Concord, ship small, are early And to to pursuing and XXXX, We large XXXX. Carolina, with projects, further we the in of a internal of in expect manufacturing host site external,

Now I'll context provide incretin in more XXXX. the our on plans timing supply a and bit pace of

While expect production we we're supply the continuing year. to most quarter, second come expand in increases every to the half of the significant

of is at produced, production will of commentary in investors. be to now which auto-injectors year, sellable production we're compared second of that doses X.Xx XXXX. relevant Note XXXX, and half XXXX our sellable expect patients last We half the in to doses devices the capacity our least second of while focused on more the referring

accelerated received October with for received on Accelerated and FDA a XXXX, and approved approved XXXX with the have Jaypirca in represents forward U.S. to look we launched SLL for medicines, markets adult our program, look progressing with We and January compelling December And patients patients of for the earlier other best launches our to or relapsed [indiscernible] struggling colitis. in also X in year severe opportunity and XXXX, as patients lymphoma and look approval initially with medicine donanemab ulcerative XXXX forward Japan, adult Approval was patients forward or Phase the refractory continues. Omvoh in of incretin, in was III and that launch moderate this options to Beyond more Program Europe FDA U.S. new lines [indiscernible] under at medicine potential by CLL ongoing for X program Omvoh. Jaypirca that other in help the lebrikizumab. approval the to therapy. to least XXXX approved we in

benefit expect to potential and the donanemab continue to on Alzheimer's disease. in patients for remain FDA donanemab confident with We regulatory substantial in actions QX XXXX

XXXX initial will last current modestly in by name in which approved and growth somewhat and state year was Europe to of expect be received once the treatment partner, readiness, With under diagnostic limited, approval Japan brand we our in donanemab only uptake contribute and regulatory to in January. launched approved. Lebrikizumab, the

and believe the of lebrikizumab U.S., the proof compelling year. for and the we potential patients market prescribers can to forward look make We the of severe atopic the it a the dosing of growing safety for option end moderate by As a lebrikizumab efficacy, for treatment of and large in to dermatitis.

modestly of FDA expect XXXX. Given lebrikizumab to revenue the action, to expected only growth in timing we contribute regulatory

at the our and clinical growth outstanding the Jardiance, anticipated magnitude Verzenio, expect in acceleration launched has node-positive another growth by a dampened breast growth, treatment in of as led as expect portfolio high-risk only Beyond but Taltz. strong to strong cancer growth of standard early we by dynamics care we every expect recently revenue of the the and an it of launches we data medicine, also in and continue growth of though been major breast where continued continued of in our slower from geography cancer. pricing XXXX the Verzenio early may U.S., to growth Jardiance maturity reinforces driven tirzepatide contributor by price not be a indication U.S. Outside

we seek long-term decade. Lastly, this beyond create value to

took the this between divestitures midpoint XX% represents top We of to line, of which will $XX.X launches, our continue expected or XX% and Starting the growth revenue our the manufacturing financial summarizes and guidance. in billion be value XXXX. initial across at invest impact chain, our growth billion. our upcoming roughly XX excludes our business, $XX.X in footprint. Slide to the pipeline, core XXXX potential range, place and for in our recent Using is that in XXXX

we throughout guidance, XXXX, quarterly revenue while expect of In provide don't the accelerate year, our of phasing doses. to growth we of of the revenue incretin availability half increased in second consistent the growth terms with

card Mounjaro declines the year. core these In half half the in terms noncovered of lingering price dampen declines expect more dynamics the of in business, of single-digit a of significant our the co-pay XXXX, for percent decline we XXXX. price first excludes base will which impact with divestitures, second high period in pricing price The expected

calculated and costs, expect we for subtracting administrative we the research approach planned be margin non-GAAP costs X on and representing a in a as single our and items and we a by and basis. after R&D percentage, marketing marketing to and to costs administrative our a Rather year, taking and for it items XX% guidance express dividing separate by line provide are expenses. costs, costs new and development this margin sale that are ratio gross figure guidance than margin, from of XX% related We range to XXXX, this line streamlined During to revenue. presenting ratio gross

are XX% margin a specific pricing consistent, we sales, as new a approximately remain by providing maintain volumes margin we cost gross facilities. non-GAAP gross not [indiscernible] our of offset for and basis and guidance a pressures of will of on process expectations While manufacturing number the but percent gains are

again for we As and investments launched our across expect administrative marketing marketing though recently by expenses pace products. growth grow driven to XXXX slower growth key with categories, revenues, a in upcoming at and than in expense launch our

We by we of investments across future, late-phase XXXX to ongoing driven with pipeline also and driven by expenses majority all invest growth of phases the increase, for opportunities. R&D dollar as expect the our in new growing

of at interest income to and a than expenses. We expense, expense. and expense driven higher higher primarily sell and million administrative expect $XXX between million R&D expected increase is expense be by to rate marketing, Other $XXX

to Turning taxes.

to research and to share share are a Note of approximately assume even incurred. impact is this effective charges of the IPR&D non-GAAP we be on rate purposes. as practice, rate on prior development be milestone amortization in moderately a in per non-GAAP the pending not development requiring Tax expect each will tax and with provision IPR&D or of charges of expenses acquired quarter effective effect, tax basis. would per not guidance, the Earnings range XXXX for acquired including our $XX.XX expected from higher. earnings Consistent and $XX.XX our XXXX change are Should does the potential tax of take and XXXX for we any We provide XXXX our updates repeal IPR&D such milestone our be to or that rate capitalization, XX%. Act,

entered to approximately modeling guidance with diluted share outstanding For and to patients we're millions more help a be XXXX opportunity momentum our We purposes, medicines. remarkable estimating average currently with weighted million. strong XXX for XXXX

another investors, by revenue growth our For XXXX and to [indiscernible] in should be approaching XX% driven investments year, exciting future core expected our growth. continued business, drive

Our and operating growth track. outlook on for top-tier expansion margin revenue remains

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

I'll progress of II announced and in from Phase Anat. thereof. dysfunction-associated results adults SYNERGY-NASH. tirzepatide Thanks, The biopsy-proven obesity complications also as steatohepatitis, diabetes, against MASH. start positive our known study with Today, we with metabolic

met study absence the endpoint participants XX, an less fibrosis Slide its than on XX% reaching at no to placebo. with weeks primary MASH on of of endpoint XX to XX% compared shown of As this achieving with participants of up worsening

seen We results the are fibrosis. in endpoint, evaluating improvement in by secondary encouraged equally

of decrease the be will a living While type or worsening clinical powered clinically study full proportion results medical year. effect fibrosis diabetes. across trials doses consistent study MASH X SYNERGY-NASH with congress treatment to a was the later placebo. people events observed on not least presented be improvement the at designed in other with The at showed those participants stage tirzepatide X of studying obesity in results evaluate achieving this adverse to all were with no a fibrosis, of to statistically meaningful in The

in occasion Zepbound, tackle approval for X As you marks the only treatment activating is receptors, obesity of development, for failure a heart II and for long-acting Zepbound treatment and approved into as received incretin glucose-sensing We've atrial the we to the that excess advanced study. begun is cause our year, as to for Lilly's for we've advanced last dose patients Phase I obesity. we field mastatide diabetes our receptor This the patients into first underlying for in GIP of agonist and FDA naturetic I. weight. early-stage treatment first know, late Also, Phase and on into of landmark hormone insulin approved on which peptide treatment GLP-X now Phase have

for year, world. rights results China rest the Innovent, Phase this adults and development with early partner, in of mastetide that Lilly GORE-I pleased Chinese positive the obesity. our in the III of retains helps reported commercialization are study and the In to in We the rights

Today, to did Moving oncology. Phase improved CYCLONE X trial, progression-free not cancer. of castration-resistant III abiraterone shared we survival primary the meet Verzenio radiographic in prostate the metastatic in with to men endpoint that added

of sharing treatment Jaypirca anticipate who last at BCLX prior received under study least II/III meeting. Since the profiles stage the recommend for II in SLL adaptive we For data medicines. And therapy, for BTK inhibitor. in including X was our call, overall Phase monitoring with portion while tolerability independent and the Phase and profile of the size. full the [indiscernible] CYCLONE The Phase medical design. III the We FDA's was a met consistent to lines future earnings of not X the III, study, committee an at prespecified employ a Accelerated have or initiation threshold larger inhibitor with program Phase a sample Approval the received a safety confirmed the CLL the of known results signal from the approval

meeting. approval, as at to we We to [indiscernible] CLL endpoint, III also to plan XXX convert primary intended reported and that an this trial traditional upcoming its the confirmatory these medical Phase approval met data known present

this selective the grow we're as R&D implemented about KRASGXXD a [indiscernible] X with receptor [indiscernible], I'll strategy KRASGXXC new acquisition. year suite a a folate speak Lilly. XXXX putting to a range inhibitor, of expect the years at and in approvals, treated into SLL impact only a see particularly with indications restorative [indiscernible] against We with in benefit of to a completed in developing capability we into QX, the covalent Point CLL Lilly's therapeutics. we clinical new SLL a an and actinium productive rest for X new and discovery BCL-X of data for of have cancers. development, approval you Lilly, patients, only X that with put CLL Point acquisition and poised Loxo the Jaypirca forward now least MCL. year, SLL which pan-KRAS believe potential in PSMA but of was first patients we're Biopharma, Jaypirca the X patients the these the look ago starts And of begin advances eventual oncology, and antibody-drug is after can X represent the across combination With and business BTK This oncology so program inhibitor is X promising also MCI. In result the work that the to the their we can welcome targeting III deliver we beginning a technology look the moment from this previously begins see and radioligand the clinical in to to second and see medicines results BTK the the against we effort therapy. for program, at with entry be meaningful of about radioligand efforts CLL, inhibitor. real XXXX We pathway to inhibitor, of the excited molecules against first that Through seeing and BTK wild-type alpha and efforts potential noncovalent conjugates discovery forward our Phase far. a Jaypirca a inhibitor on FDA-approved extend in to building can internal therapy, of colleagues X clinic our into new to to we those

which diversified of optimistic early on in pipeline. phase Of course, target deliver but these to we've our about the this portfolio, we'll we're and clinical have see certainly our profiles modalities

KRASGXXC alomorasib, III progressed later dose has this year. under In Phase the we to finalizing selection for II into inhibitor, start addition, that we're excited we're program, which as plan our Optimus Project Phase

medicine see of molecule now made PD-X. that our we've better up and years combines the believe us, hope focused a reminder, that looks majority we're can of of started great competitors. with through show design clinicaltrials.gov. By like behind competitors to what effort our study that vast we now the We with to neck time. a You behind way full this we closest And program with on neck

make OTP of help comments. highlight and Phase chart of oncology, therapy in my KB events immunology, surgical of Phase than hearing highlight of pipeline assets we into in events X.X Phase most into our threshold to Phase terminated move the in antagonist each patients. for meet results better X for we've profound our our pipeline Lebrikizumab more we our a with We we subsidiary X announced which our as within partner, we January, inhibitor Amaral individual life not reported. These study. On we II. for in and area RET call, of have marketed begun the tolerated younger clinical new pleased challenging is XX to the I/II well health investigational our it solve some neuroscience, Equis, as In our a gene under show psoriasis now January administration and this humanity's I, enrolling moved In Japan. with The were on in individual the care AKOFXXX Slide select earnings study for last Phase participant, no and in I was ] Lastly, did since Equis serious and were problems of therapeutic II year, patients slides forward which on summarizes internal by hearing brand to were with note updates II atopic adverse updates our these XXXX. the approved there. name wholly-owned [ days administration our key approved loss. advanced positive XX single development development. In EU of assets results demonstrated in therapy for Slide the restoration the decade in portion the first dermatitis the XX, key an commitment

XX. Turning key potential to We'd Slide like to XXXX. highlight events for

next As triagonist, results forward We III initiated will incretins, [indiscernible] of generation our pipeline. for late-stage XXXX, which to readouts data first well. our progress progressing are we're to important year, III retetrutide, and trials program a see, diabetes Phase forward we on planning These we programs next in our ongoing year set year novel the our injectable key obesity type are year. initiate our and a to enrolling in This X this look therapy you year, are weekly this lepodiserin, Phase seeing number looking III planning development and of in complementing agent In siRNA another a for as for year. cardiovascular tirzepatide, we disease. be III can Phase the look oral to Phase retotrutide. program projects of On initiate LPA-lowering related additional complications. Also to this we're

we expect from studies reiterate to data the will investor on study listing We increased results interest the clinicaltrials.gov SURMOUNT in head-to-head heart expect see the Phase XXXX, our III the SYNERGY-NASH, based sleep participants event failure apnea which semaglutide compared of of obesity. rate. have which timing that end reflect in XXXX, to this we Phase tirzepatide of in notwithstanding updated with is assumptions note and to our year. CVOT, SURPASS we the X, to current be soon By of obstructive Beyond high-dose results and we III expect

program on our We III insulin, also expect readout basal [indiscernible] weekly year. the this alpha insulin later full Phase

in physicians plan In submit FDA blood-based others diagnostic we reviews PT the at also throughout to have a indication the mirikizumab multiple this the this timely to and forward looking We've potential FDA accurate Crohn's partner scale the progressing will to disease, continue We're this Alzheimer's world. neuroscience. immunology, with We'll to XXXX. data the now tenenumab we and aid diagnosis of year, for to positive around test, are with XXX we and in year. regulatory of Moving launched disease. continue Phase action launch to to in III of and this following to ensure field QX tools

the Additionally, U.S. we regulatory year the the expect following complete in of response lebrikizumab, by action letter FDA U.S. on the end

III our this as II moving forward Finally, KRASGXXC selection. in we later mentioned year inhibitor dose oncology, look Phase I to before, Phase following [indiscernible]

combination progress in breast the year we the with of Phase past now study, call XXXX cancer inlinesterat of Verzenio. meaningful was closing Lastly, for remarks. we with seeing we're I'll as to pipeline benefit monotherapy the expect for and in both [indiscernible] the results in our Dave forward patients. looking productive, and participants same This of back advancing turn make our more to in metastatic busy and III

Thanks, Dan, year. you and the big team to and a for congrats

briefly We Before of progress Jaypirca. launched the we to our our late-stage recently advances in growth approvals gain quarter. pipeline momentum. and as QX sum the me in achieved Q&A, to meaningful continued with go FDA product revenue let up portfolio accelerated our Zepbound fourth

over as announced a launches, phase growth. In returned We Point upcoming early We dividend. Biopharma manufacturing invest Germany. in in of all and build the foundation in acquisition shareholders completed to plans and continue business and which capabilities will QX, to a billion recent late-stage development, $X serve medicines, of site to for future we via new

service. Global XX Lastly, will at that in Vice retiring announced of January, after of we Norton, President end Jana years July our be Executive Quality, the of

and processes. improvements modernization I'd has outstanding Lilly. to Jana for significant to overseen service years many like thank tenure, in her manufacturing quality expansion, her and of our her During

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

Dave. Thanks,

of into be this there Q&A, the just action the muffled that Received some muffled wanted clarify point. that as announced Dan have of from some And were some so is prepared mentioned, to timing important to may Before X on year. regarding regulatory I donanemab. I to We clarify diving notes timing QX point. sound, remarks. expected sound wanted during XXXX had

as many from as Q&A, conclude questions Now a the for and we'd manner. timely take in to possible call like callers

respond with the caller, to [Operator provide Instructions] a.m. X the Paul, and per and limit XX:XX we'll we're the consistent call question So Q&A, quarters, ready for so question instructions the per end ask you please for first X caller to prior at we'll caller.

[Operator the Terence question coming Instructions] first And today is Flynn Stanley. from Morgan from

Congrats on progress. the

your franchise, under-index for competitor. wondering U.S., GLP your Just key versus you ex

hurdles Just into to are ramp that XXXX? some as think 'XX we wondering what gap in closing the about of but the also

International President Yuffa, of the question. I'll that to Lilly for Terence, for Thanks, over Ilya question. hand

Thanks, Terence.

markets. the As already a we of think we select have Mounjaro number about launched outside launches U.S., in

foundation we anticipate and continued so and and and our vial Canada we're And just of outside the to markets in U.S., many QuickPen Poland. Germany, U.K., be launched of have in just markets, mainly format in in launches. Australia, launch the anticipating We received competitive select in approval we We've there.

monitor in a As markets supply, throughout multi-use ramp-up and other for year. additional QuickPen launch continue we our regulatory capacity approvals we in we'll get to for the

anticipated launches into year as as anticipate further the X the U.S. And and outside so XXXX. [ growth, we of ] of Mounjaro with well throughout continue that

JPMorgan. question next coming Schott is The from Chris from

cover in think it progress add guess about ASP. could But you're is coverage. where we as the who year? and to core is, just to expectations of the Zepbound go seems Zepbound, this about think will interested payers just that making question like most I think for Wegovy just remainder coverage On how year on reasonable strong

Patrik to Zepbound on I'll to that about comment question Chris. hand coverage. Thanks, over

Yes. Thank Chris. you much, very

make to to our employer But get in in the as forward And alluded the access we access, XX%. what As some referred have, has XX% will to having we we very are continue efforts be also so commercial but access to not time. pleased are we of do assuming will and around stated, that's competition did only launch with that approach opt-in. really lines prepared we with disciplined but expand we we that contract a going are current that along payer that early Our moving with remarks, be Anat with will as to to, Mounjaro to access take the her sure the a we

to source Let employer comes employer reliable for that is when emphasize X me opt-in. there opt-in, just it not

data come So that's I and something monitor to back to think calls. earnings coming during we'll need with more that continue we

will and continue So payer overall, efforts access. we start our to good a increase

heard we are opt-in take so we we encouraged positioned we regard with have that but well think far. are what well. from longer, I believe Employer marketplace the as will quite in that

is Guggenheim. from question next The Seamus coming from Fernandez

success from statistically while approval? all not Do just you I age can of you confirm add endpoint on prospect secondary a fibrosis improvement significant? a and from see Dan. was that And SYNERGY-NASH accelerated to progress the here. sense quick wanted But for the Congrats clinically significant, the

the Seamus, question. Thanks, for Dan?

really about is This excited really Seamus. new Thanks, quite us we're to but it. Yes.

FDA that opportunity. a at forward here had the but having talk chance we're next to to about haven't looking We steps, all to yet

course, this course, different different small therapies a would probably to the was here. With to competitor whether trial improvement in participants think did improvement There's that be this I particularly methods be reverse see fibrosis. excited here, it unsure clinically of can but incretin-based group. liver for statistical accounting meaningful patients it placebo previously possible assess Of But in doses. was XXX dropouts, about fibrosis respect to for based biopsies, stated the readouts of endpoints to use data that in field. the really in with There's applied in I on

But this all patients, for positive So there. of scientific stopping as for package this the could we're reversing in the wait have p-values data and to terms a and both progression on see pretty mean to fibrosis. of presentation whole MASH what

question The is from Raffat coming next Evercore. from Umer

are all balancing your you is in blinded dollar data how GLP that as Dave, all and existing for especially that's important the think in? commercial, with clinical obviously various build-out about manufacturing sites, probabilities curious, orfoglipron's investment the on with you very coming I'm which demand,

Dave? Thanks, Umer.

that. answer to happy Yes,

It's growth focused we're the is are really Of creating cash in in not both course, online. That's priority people phase new to on parenteral able suppliers true this financial capacities. very a capital, strong factors bring really of the the because to particularly be to you incretins, now, and flow we really right down capacities, slowing allocating investing in us not expect We're for us side. technical whatever. so of fully. enter top in The function be but facilities gating as of or can

you're orforglipron. referencing Now

ahead Here, III we do plan at to risk. build Phase of

on the positive it as Lilly as assets And as a of different see that we probability of on side wise you other assess we investment. the given relies, well think, a we've very III, as know, Lilly. I the Phase would commented internally as opportunity before, as as on well inside outside

chemistry, So here organic and capsules. you tablets API and have

setup. different pretty a So

for that if to begin the wrong, if we is, So in paralleling robust injectable with isn't supply strong our math think that category, I change think it that's does end a on okay, taking. have investments. to we'll product. I eat can and the about in But this we're it -- we're worth And

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

to you what here X SURPASS-CVOT, show mentioned On and gone. in come superiority. you're and I that evaluating Would both has assume really then what look it implies slipped that? is that And superiority you're need XXXX. interim to achieving agree you and the noninferiority confident you

Maybe those X the couple questions. for Dan? of we'll Tim, on interim look, Thanks, the field

question, that Yes, Tim. sure. for Well, thanks

hadn't on a get enrolling When more so our have yet event initially time was on we'll in in As not, based in has the our rates is interims. to clinicaltrials.gov but we view that final we you data. to was most germane portfolio and put comment we the early doesn't event matures, But all interim on XXXX, which timing opportunities point on enrollment that have the at rates. And on trial importantly assumption probably rate. think, the for trials on be time started Lilly -- which know, clintrials.gov, on continues that question trial do Probably looks. the at was point before as I

time for is active that course, events, to get for longer So perhaps and of wait a patients a already event Trulicity news great when preventing to I us this with know head-to-head that that's rates investors know for the it's remembering to is frustrating are in trial but drug we slower,

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

[indiscernible] a more? a think or big enough seek do do XX% Is to is is it to meaningful? you required And think have trial your sleep regarding study. I be apnea How you from clinically label question much in baseline the for this benefit

Thanks, Mohit, Dan, to the you. for question. back

well-established clinical meaningfulness There in thanks. really isn't a sleep apnea. for Yes, threshold

in drugs hypoxic looking what mild tirzepatide Of for to also patients excited AHI that that. I'd X addition apneic a switching like patient we'll see from for, or improvement be probably absolute category, improve see, example, in percent like intermediate the to disease things that. to to course, index see can the have We're this how to Certainly, of commonly great think, in I events many or category, measure is used an while sleeping. potential has here

So assess here, looking but things a quite we'll meaningfulness of clinical at be to optimistic. number I'm

The next Louise Chen from from Cantor. question is

you're think sizing the going after of some tirzepatide, in you to for wanted the about as that such GLP-X how I well. as downstream ask indications opportunities you maybe other NASH,

Thanks, question. Louise, for that

the about So want that? field to NASH and downstream elsewhere, do you opportunities in Patrik,

much. Thank you very

X think important there are aspects. I

The refer first we X when to employer opt-in. is

for actively I in employer being into opt-in. employees here being being national benefits And are generate increased be cardiovascular average of can indications medications. extremely will space, really important whatever we looking think the listing data in of anti-obesity

The second piece will be in Medicare D. Part

patients data Part long D. comorbidities to think is be for access As those I critical will Medicare in as enable in not passed,

truly are the indications. key those those for drivers So

is next Kerry from question Berenberg. coming Holford The from

taken obesity under budgets tirzepatide on Zepbound seek decision faster Does to I'm not to separate. simplicity, prefer any reimbursement to perhaps you if ultimately obesity. label interested for risk rather diabetes here And hear a wonder that governments relate foresee the the why Mounjaro. U.S. access? I expansion you've that and to It's U.S. keep to outside ex weight but brand launch the loss

you, Thank OUS. branding Ilya questions. to tirzepatide the to talk I'll Kerry, for about of hand the over

yes. Sure,

of X or well. for market factors, number management. competitive it's negotiating diabetes regulatory terms type don't are or dynamics We some payer a of the reimbursement in depends whether tirzepatide So on U.S., anticipate different as challenge that outside for it There being either the dynamics. broader of a

our markets continue commercialize in and under different brand of are optimistic scenarios. to a number ability have those discussions We to about

of The is from Geoff from Bank next question Meacham America.

it know streamline we differentiation also model Lilly I Direct a play last to meds? that and a platform view Dave, monetization announced Lilly just could there some Should time? to Or over you is guys market or formally as providers fall. out access

patients of partners U.S. and actually Patrik, the really migraine, question. every And Yes, idea Finding obesity. borne versions challenges of and that then diabetes, for And patients. it's there's doctors. tight, weight day supplies The jump face platform as in. noise the the to Finder sometimes X, For loss that have out pharmacies, driving the simplifies we X, a been copies as to need that as concerning think to on to in lot telehealth X many that's Doctor about pharmacies are can been other was for I and and are medicine start, addition, or that's know their And challenge. I thanks or us. you'll or think I find drugs I report Zepbound medicines process. And illicit the the particularly drugs they patients of concerning a in compounded a well tool think seeing

by been Lilly have supply. a Lilly and Direct. XXX% savings application of going to of And So pharmacy that also the time our Direct finally, programs happens on literally, at they has in confidence the challenge counter the

way more haven't trying sort over physicians smoother, information We some new of a it about It's it our include business. distribution about We're days. medicines Early retail to thought to develop want and time, to a the as better. have that better, way That's better serve to providers. be frame telehealth in patients products create the we're now.

far. So patient energy and look enthusiasm the community. there, start developments of lot for from but A good so more

The next David from Leerink. is Risinger question from coming

Congrats updates. on today's

is semaglutide? slightly to muscle is me assessment. for a Could and debate a showed ratio, lean use. data question on Dan take Lilly's What help you on loss I've whereas with X SURMOUNT-X to my and STEP albeit X:X that tirzepatide So comment on muscle date Dave showed this relative different observed lean ratio, a with SEMA's X.X:X trial associated loss understand incretin

that. I'll Dave. Thanks, have Dan field

starting question. your lean fat Maybe for versus Thanks with Yes. our mass. take just on

type of about. seems that patients, that for ratio appears ratio is mass good disease, diabetes for think to risk to improve. Body or ratio an news be The example, important of weight that fat lean to cardiovascular thing X the not important. patients think composition, is I matters in by tirzepatide, to on to

As they you pointed more out, lean fat mass. far mass lose than

than measure the at ratio so beginning body higher of the And at every of the we've to we end the trial trial. better, in done, lean trial, of fat if a it's composition,

as further we to body a see potential of be benefit tirzepatide composition this So explored. changing benefit,

want we further Of course, a benefit extend. also to it's

trying why quote acquire improve say, you the from loss. studies and of change improve us seen tirzepatide amount experiment also weight and to the I with body that's like in seem number total We're us mass You've to to body try [indiscernible] And composition. semaglutide the drugs should saw you further the improve, me. right

a agonism Of of does GLP-X way this would But whether question a not That's there's -- GIP to benefit here potential agonism. GIP-X head-to-head addition the course, interpret in it raise here they're I about studies. data. probably

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

I thinking some on in about this mixed you And orforglipron. oral how context you're to just opportunity get from We've data how would of your for love would in the to competitors. investment seen love GLP-Xs. I see your get the evolving take

for the Patrik, oral think question. talk you maybe an about agent. Evan, we Thanks, about how

U.S. much. obesity, look we XXX opportunity than and XXX Thank we more in million you the million at the very globally. in When have

taking think current injectables. impossible into it's to the with markets, constraints across those of reach account I all supply

the lines So along of that's incretin, that's those incretin restrictions. the so loss big and have at weight no in in best water we medicine but an I think have a orforglipron. II, And oral can what we with the marketplace far or data opportunity seen have level competitive we the for Phase tirzepatide, the of III, we not here with of best in replicate food the the Phase if level

XX% the another of approximately patients concerned to well. And is actually are across at an So look obesity we as component opportunity If really current the we patients market, reach to orforglipron see here the with injectable. there globe. take with

that's with another orforglipron. opportunity So

strong hands in management. forward space really So we the weight believe our of moving in chronic drug that's a

is Scala from question Cowen. from Next Steve

tirzepatide initiating Lilly Phase several not in There could is reasons NASH. III be a why trial of

it better First, believes molecules. has Lilly

ideal. yet. something just Second, us plans, was telling is there will Phase you're III be III. is starting LPA a Lilly that do To than Phase in data II without really Phase It less but parallel, positive. can't the a II even the around finalizing a gotten which third, to draw Phase hasn't with Or

about So what NASH? would be best and for us tirzepatide to conclude

the clever for here. Steve, Thanks, Yes. analysis

at So just nothing hypotheses give next of stop that least debug from us There's on a the chance just Phase would say, literally going III. the one first us in data plans, data here. to our the Phase of all, steps bad II I this we probably should to so determine got

In terms of that a probably don't we Phase for of -- retatrutide. of we course, having II better have molecule, here kind data in do

which reduction, about a here with obligates the though, positive trial. Still data incredible steps. And us II just next fat Phase think so II liver NASH based to that's having in was trial a meaningful and on Phase I think really

as the in As planning would move for I of that's much to I and as with for any is to a said, biopsies priority in going say them terms liver them. testing. really to replace from FDA us a talk Phase noninvasive we NASH, III to can drug away important

be I in NASH future, noninvasive of to where drugs, think areas. And of progress hope could we field a made the and relying application be those will possible biopsies. a NASH lot trials Phase and these therapy have see quickly there. to rather others That here of monitor also We biopsies. analogies profound than we to disease would trials conduct without on that really in III treatment the running for the other in response have clinical effect biomarkers the it identified feasibility but on patients

from The next from question Shibutani is Goldman Sachs. Chris

have use you of have duration be Any the across diabetes when use the the enough population, commented there? to able diabetes obesity of of and for of you've a XX of GLP-Xs obesity believe that And enough median updates we think experience will at least Duration the to months the Previously, gauge in in characterized better do and we populations. experience. get have duration don't you range initially?

comment Thanks, Patrik, Chris. of want duration do on therapy? you to

you Chris. Yes. Thank very much,

It's of to days Zepbound, been in think Mounjaro I and right. early you're also both and supply challenging. we terms some have facing specific quite co-pay dynamics changes the with in It's still particular program.

Mounjaro, start when data XXXX of that other suggests at the along having persistency look However, incretins. for a therapy patients injectable we in at it's QX the are and it lines back least recent that encouraging

will they a since too there even see microeconomic, there motivated be strongly we course, factors that final of have itself type so of supply, into an X convinced we [indiscernible] also a But considered with than be be XX-month what we diseases, early. that Zepbound, and But X many long. features drug. believe patients. will in sure will, impacting motivating of And diabetes type encouraging we of that other treatment we period we will diabetes, is for both the that when the patients duration macroeconomic benefits obesity in are Zepbound, believe duration see, the more And for end but seen for far. in be will upon of adherence when but look data be definitely based will For chronic

next The from from Tewari Akash question is coming Jefferies.

you on on at molecule this? you mean prove an seems David, what's CDI inhibition. on where here. Can you your [ what you to orfo's comment to And made JPMorgan, So bit interesting CYPXAX has orforglipron, of It a elaborate have a bit the ] mentioned lots confidence profile? by

to of your drug get some they be in studies? this will So dosed were excluded with able SGLTXs, given earlier

patients we just bit said all the confidence. And point, maybe just a it And a that, like as small safety don't said of coadministration. to that in We're we DDI has of Specific why of eliminating we at empiricism terms point. every we're expose there's III. course, starting doses, not higher some drug molecule, the where a but At of reached drug Phase announce question more frame and we weren't lot just I that's in at good now. know day I would the that a we I SGLTX because We risk. day, problem. the that have

safety is can discovery, and running further the off-target we're to Maybe Dan But my specific small experiment discharge Phase think class seen this need I others. we've the reassure that mind. nothing III inherent in us. from in and on molecule we

of normal arise. which risk, Yes. safety III signals, types new course, could Dave, that's the always Phase just of

that think just be our we to be drugs and for in we achieve possible, DDI well and coadministration as have There SGLTXs, respect as who Phase patients with trials. base with like ongoing will with III to are our other -- I that expect orforglipron SGLTXs.

from Trung next Huynh is from The question UBS.

your ask things from antagonism, versus lipid blood agonism GIP pressure modifications. limited yesterday on I effects data suggesting on given like a thoughts just more competitor and Can

versus do antagonism and approach you differentiated agonism is forward? think is agonism you how the way Just think why an

Dan?

Yes. an Well, unfair first comparison. of all, it's

on tens much the agonism for have of thousands participants from of We data GIP so clinical now of in tirzepatide. benefits trials randomized

data, publication, GIP experimented a So agonist study. benefits and any We're we have in to pure contrasting that of recently that GIP we has GLP-X here agonism. Phase we're lower X and in with have drug with confident that study here doesn't to I the there reported published Adding the extremely noted much a that our about at both that antagonism affinity. benefits the was a GIP GIP Phase agonism that I a small antagonism. I is GLP-X

attribute effects triglycerides fatty high it we It's probably and of only clinical doses. that in Those attenuation are acids doses GIP question free the So I very in for to But the probably the starts to noted antagonize that some increase a decrease at trial. high at company. actually an complete GIP. in

antagonism so that I'm of once kicks effects to not negative some starting surprised And that is in. have GIP

potentially We higher the at also you on effect benefits with see again, of think reducing Then tolerability, antagonism. doses, as having could probably some and opposite vomiting. GIP nausea I positive agonism maybe see the hints

we So and continues how let's pretty decision took, evolve. see glad with the field the to

The from is Barclays. Carter from next question Gould

forward? least acknowledgment does side. about think an CMOs as there going part of incretin be have over of on direct of to going equation the X forward guess any for the development indirect fee impacts equation calls, at were the you have or going yesterday the earnings I the supply sort part prior been that I that guess,

Carter. Thanks, you want Anat, do field to that?

Sure.

and include well that have third which expansion parties. this as very I've agenda, does we So call mentioned on expensive we've,

and While develop always been to well. do third our strategy is internally, has we more as parties have

a don't So came learn regarding we transaction NOVO we yesterday the to certainly and intent with we know, pipeline need out these diabetes in sites obesity, we that from have manufacturer announcement Catalent. And industry more. Catalent saw and products acquire the well. products both as And the commercial have of and an is especially questions part integral that or about for and to

uninterrupted contract look today for well on as intend our us gain is of of continuity we the we is information focus So medicine transaction. and more as patients to supply on this proposed ensuring their we that holding with accountable as on Catalent

question Deutsche next The is from Shin coming James from Bank.

I just want to circle back to Carter's question.

is there. manufacturing of bottlenecks to well-capitalized the you around being priority, build buy technical want could I get versus expect process? get the the mean, some FDA more and Lilly to capacity just nontrivial Given thoughts your and I

Dave?

Yes, maybe it the shot. question, I'll for give Thanks James. a

against is the that's being has products available. deployed we are lead there any Most built of reality in space. as X capital-constrained, the -- new at in space, used not capacity time least think isn't the on at I a is building capacity the just earlier question related we scale of GLP-X The As of orforglipron, to it leading years. ourselves and that's don't or mentioned already X buying to

years node are are a begin the North year. of like very will end the mentioned now, was at of Lilly. I That's today, announced production online Carolina. So that for this of just Concord, and capacity site sector mean, and ago that it X.X the certainly big in large we for things coming all

difficult, them why technically set not that? difficult, how problem. facilities. the know that's greenfield up. also people of the repurposing Well, number the make also products complex And who an is And these chain is of So infinite constrained. are for is but There's supply is that the course, building to machines

take be this for I lot even many or forward. to years I easy But increase will even I our it don't think questions we in And said there's at think capacity think them purchase. to able the purchaser point, have of a an that. within announcements, about competitors way yesterday's So that

solve. an just not problem it's easy So to

tap our over maybe think like or be and into new time, I base. emerge us, will capacity competitor that orforglipron asset third and parties There'll it online will technology oral other more brought by options, including that a different ease. others,

frustrating frustrating So I for investors, for even it's more frustrating know It's it's for patients. us.

in outcome Phase even the improved to bring further potential for patients. has Gap] comments [Audio currently III

see So we that. that's how

whether the a mentioned, of be in entry $X investment In that the about it potential certainly, or Carolina horizon. as do will just long given a facility, term. I it's look at the a we've capital, in terms them, a we is say metro massive for be Concord, But whether end, is you general, that shouldn't building, of example, or we in on at billion at over of the one questions companies of capital. investments space, size generic the in certainly given about and Park, Triangle patent between for that or that the North capacity the and there look long-term good ones investment, should Research this a X in will either of think investment require opportunity biosimilar are it's our expiry quite

Europe Just $XX call substantial and top the primarily the of the globe, already and for on we that about I've production. we've today network past in U.S. so have total the mentioned in about or sites billion, talked and for that's year around the

will think significant into you commitments. as some So space, require about it that capital entering

a Maybe final wrap question, then Paul, up. and we'll

question next The from Research. from Wolfe Tim is Anderson

their effect competitor dosing greater obviously, frequency, year. watching weight Amgen loss off-therapy. data as this everyone And dosing is monthly So messaging is of the the possibly around then one of and longer data, a

can So Or you extended of that off-therapy? drug then monthly views of longer? fact value And sustained the or of on in like efficacy comment that being this just argument you a your believe dosing do about is longer? function lasts that the

Dan?

the good saw publication with think sustainability an It's Patrik data value start half-life I of very and bit a that question for will antibody. Amgen. are at I although drug on then second, underwhelming. in a be in that the here weigh maybe could high-dose Look, a potential I'll

to any tolerated, lower is need tolerated, well expected to So to seeing a differentiated. we that weight month It doesn't doses me, Phase are there but than that if surprise to be just reasonably X. reasonably all based after a would well doses were we're sustainability on to molecule for take see that what there remain that or at what loss plasma at III -- to appear concentrations, And doesn't are would is sure. be extended

it's we addition comes at factor research, is and that X look the would convenience Only consumer necessarily of important factor, be but when it when the treatment. most provider course, not market to selecting

I'm have our about really in So we excited hands. the

tirzepatide remaining here into to have also the also in pharmacology to opportunities treatment the and but foundational pipeline. with we obesity, look addition additional orforglipron complement a of non-weight assets for Of options the the with course, loss-dependent

Dave, want do wrap to you up? this

forward with to We participating we XXXX and, good, Thanks. the everyone guide company. momentum the today And questions interest Lilly, weren't for look Thanks. for Thanks continued course, appreciate a additional absolutely. Joe. of dialing please answered. IR Yes, and year strong that with up have That's your follow was and in. you today. really Joe a again in productive XXXX team in if

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

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