Eli Lilly and Company (LLY) TD Cowen 46th Annual Health Care Conference summary

Regulatory and commercial updates

• Orforglipron is on track for FDA approval in early Q2, with U.S. launch preparations underway and broad market access outside the U.S. expected by 2027.

• Product shipment to patients is expected within a week of FDA approval.

• Medicare access for anti-obesity medication, including orforglipron, will begin no later than July 1, with commercial access negotiations ongoing.

• Starting dose price for orforglipron is set at $149, scaling up to $399.

Market dynamics and product positioning

• Orforglipron aims to expand the market by offering an oral alternative for patients reluctant to use injectables.

• Market leadership in obesity treatments has shifted over time, with current focus on expanding access and market share.

• The product's convenience, including no water or food restrictions, is highlighted as a key differentiator.

• Maintenance therapy is a target, with studies showing weight loss can be maintained when switching from injectables.

Portfolio strategy and pipeline

• Tirzepatide is considered the foundational platform for obesity and diabetes, with orforglipron expanding the oral segment.

• Retatrutide targets a more specific population with high BMI, showing significant weight reduction in studies.

• Ongoing studies for retatrutide and other assets are designed to inform dosing and efficacy, not to change current dosing strategies.

• The company is developing a broad portfolio, including single, dual, and triple-acting agents, and is pursuing both oral and injectable formats.