Eli Lilly Morgan Stanley 24th Annual Global Healthcare Conference

Yeah, great to be here.

Yeah. Appreciate it. Thank you.

Sure. Well, listen, we are equally excited about what we do in obesity. Obviously, as we think about long-term portfolio, we think about how do we ensure that we cover different needs from different populations. Obviously, it is easy to say anyone who lives with overweight and obesity, you can solve all problems with one medicine. I think the reality that we are seeing is that there are a lot of different needs, whether it is around how people enter their journey of health, whether how they maintain or different aspects, whether it is different health benefits and different indications within this space. We are looking at different mechanisms, and the idea for us to have a broad set of medicines and portfolio to answer those different needs is an important element.

Whether someone enters their journey on an oral therapy like Foundayo or intensifies and needs a different mechanism or multiple mechanisms to solve their needs, we believe that having those options are critical to meet patients where they are. Obviously, tirzepatide and Zepbound is foundational. It is setting the standard of care and preference for most physicians and people that are in their current journey. But we have to be honest that the current utilization of obesity treatments is still low. We are still in the single-digit utilization of people that could benefit from these medicines, so it is important that we have the broad set. Foundayo, we have now Zepbound, obviously there is a lot of interest on our side for retatrutide. Then we are also exploring eloralintide and other components that could improve on different aspects, whether it is tolerability, frequency.

That is our vision, is to have a broad set of portfolio. I am sure we will cover this a little bit later, but we also believe that in this space in particular, is very consumer-oriented and having a broad portfolio that people can have a relationship with the company and the experience that they have as a consumer is an important element beyond just the portfolio.

Yeah. I think on the commercial side, we have been relatively stagnant on 50%. We have seen some employers recently remove coverage. We are also in discussions with many employers on adding coverage. While I do not see a step change coming into 2027 on either direction, there is a lot of movement that we need to still have within this space. Probably the single largest driver of increased access is Bridge in Medicare. We are seeing obviously good initial uptake and people taking advantage of the Bridge program. We also see some states on the Medicaid side starting to add coverage. On the employer side, we have our Employer Connect and conversations with a lot of employers about the different options, whether it is PBM or Employer Connect program, to add coverage and flexibility in the employee cost sharing as part of that.

I do anticipate that that will move, and as the body of evidence on the direct health economics of utilizing these treatments will show a benefit of employers investing in this space. We just published a study around Zepbound cost of care. I believe more and more evidence will point in that direction and will increase over time.

No. We have a network of more than 20 third-party providers that are actively having conversations with employers. Our team is also having active conversations, and I believe we will have a number of employers opt in or maintain coverage through this program.