A：Eli Lilly's Q3 2025 revenue grew 54% compared to the same period last year, driven by key products. The non GAAP performance margin was 48.3%, with earnings per share at $7.20, inclusive of certain charges.

A：Recent milestones include FDA approval for Lumi stent under the Bram name in lurio for HR positive, her2 negative ESR1 mutated, advanced or metastatic breast cancer; EU approval for Cassandra for early symptomatic Alzheimer's disease; positive phase 3 trial results of jpca in naive Cllr positive overall survival data for rosanio in high risk early breast cancer; and the start of global submissions for GoPro in obesity.

A：Revenue growth in the US was driven by volume increases of zban and monjaro, despite a 15% price decline. Europe's revenue increased by over 100% in constant currency, while revenue grew by 24% in Japan, 22% in China, and 51% in the rest of the world, all driven by monjaro volume growth.

A：Key products performed as follows: Immunology showed strong performance with a 41% increase in atopic dermatitis prescriptions, with the first line setting accounting for over 50% of new patients. In oncology, cper gained market share with new data from phase 3 trials. In neuroscience, kisona prescriptions grew 50% and continue to increase market share. In cardio-metabolic health, both 7 and monjaro achieved global strong performance, with Manjaro showing robust performance in 55 countries and significant share gains in most major markets.

A：The impact of the CVS formulary change was modest, with share of total US prescriptions in the brandy and the obesity market declining by approximately 2 percentage points. However, performance returned to Q2 levels and the brand exceeded Q3 with 71% share of new prescriptions. The uptake of 7 in BIOS was significant, comprising 30% of total UCB1 prescriptions and over 45% of new prescriptions in Q3.

A：Eli Lilly increased the midpoint of their revenue range by over $2 billion, anticipating full year revenue between $63 and $63.5 billion. The non GAAP performance margin is expected to be between 45 and 46% of revenue, and the company has increased their outlook for non-GAAP earnings per share to be between $23.60 and $23.70.

A：Eli Lilly's research and development progress includes three trials for obesity and type 2 diabetes, with one trial completed and the clinical package required to initiate global regulatory submissions for the treatment of obesity. The submissions are expected to begin imminently, with plans to launch or for glib in the US for treatment of obesity next year.

A：The potential role of or four glyph on in the treatment of type 2 diabetes includes it being a foundational treatment, with successful completion of phase 3 trials and an anticipated submission for treatment of type 2 diabetes in the first half of 2026.

A：The Q 5 study outcomes indicate that or four glyph Ro may provide benefit as an add-on therapy to titrated insulin glarg. This is supported by consistent safety and tolerability overall observed in or for glip trials.

A：The purpose of the phase 3 study 'attain, maintain' is to measure the impact of switching from injectable semaglutide or injectable to zepatier to oral or for glyph rock and to measure the level of weight loss patients can maintain after the switch.

A：The expectations for the red, a true guide program by the end of 2026 are that it will provide results from up to six phase 3 studies to support the obesity and related complications program called Triumph and the Type 2 diabetes program called Transcend.

A：The focus of the global development program for re-directed is on patients with a high degree of obesity or obesity-related complications, where the clinical needs are the highest, despite a broad range of Bmis.

A：The details of the first trial to read out, Tri 4, are that it compares re-directed to placebo in patients with obesity and knee osteoarthritis pain. It is a 68-week study designed primarily as a pain relief study to support an indication for treatment of knee osteoarthritis pain.

A：Based on phase 2 data with LPA, a phase 3 study has been initiated called Move LPA trial, which is focused on people with elevated LPA levels and atherosclerotic cardiovascular disease.

A：The outcome of the positive phase 3 trial in the BTK inhibitor program was a highly statistically significant and clinically meaningful improvement in progression-free survival for the patients.

A：The next study to read out in neuroscience will be the phase 3 program in alcohol use disorder with bnat type. The potential of the new compound bnat type is that it could have the optimal properties for neuroscience indications and is showing emerging clinical profiles in studies.

A：Lebrikizumab has been presented with new data showing durable disease control in people with moderate to severe atopic dermatitis. These data have been submitted to the FDA for a potential label update and there are plans to explore even less frequent dosing.

A：The company is ready to launch the product in the quarter and hopes for approval soon after. They intend to pursue an all-encompassing strategy to get the medicine to market quickly. As a result, investors can expect the company to submit the package for review in the quarter, with hopes of approval shortly thereafter, which could impact consensus expectations for 2026.

A：Manjaro International has experienced significant growth in sales over the past two years, with notable steps up in the latest quarters. The company is encouraged by uptake in business outside of the U.S., with 75% out of pocket and 25% type 2 diabetes. Initial stocking occurred in major markets like China, Brazil, Mexico, and India in Q2, with strong performance in Q3 globally. Future growth opportunities include reimbursement in additional markets and patient activation, although the journey will take some time.

A：The company views the M&A behaviors in the market and the resulting dynamics as normal and expected. They are focused on their own business, innovation, and segmenting the market, while also working to maintain a strong leadership position. They see opportunities to improve their position and have not seen anything that changes their view on the competitiveness or their lead in the space.

A：The company welcomes the shift from drug rebates to GTO fees and other transparent pricing models. They believe this change will lead to greater discounts and employer cost-insurance, while also improving transparency and reducing out-of-pocket costs for patients. The company supports a basis of competition based on clinical differentiation, and this move away from hidden rebate systems is in line with their interests. They hope other payers follow this lead, and that it will lead to more value being recognized in pricing for innovative medicines.

A：The company's commercial strategy for Orford lipro is multifaceted, combining consumer-centric approaches with traditional pharma methods. They plan to leverage both broad coverage and direct-to-consumer platforms to ensure access for all patients. They also intend to engage in negotiations with PBMs and payers to drive great commercial and access for patients. The goal is to satisfy both segments – consumers looking for solutions outside healthcare system friction and traditional pharma stakeholders.

A：The Trailblazer L3 interim has been discussed by Lily in detail and the company has completed enrollment in this trial. The trial is event-based and its continuation depends on reaching a sufficient number of events. The company is looking forward to the results and is actively working on innovation in Alzheimer's space, including a sub two dosing formulation and a monthly S in with fixed duration dosing. There is a need for awareness, education, and a simple blood test for diagnosis in the preclinical space.

A：The company is focusing on several readiness actions to ensure it is prepared for the readout, which includes preclinical studies. They are emphasizing the importance of treating the disease in its early stage, being proactive in screening health, and the availability of a simple and accessible blood test for diagnosis. The company is making fundamental shifts in these areas to prepare for the trial readout.

A：The company views GLP-1 as having attributes that could be beneficial for Alzheimer's disease due to its potential for use in CNS indications. Although no specific plans have been laid out for this indication, the company anticipates that upcoming data will be very informative. Regardless of the outcome of the upcoming data, there are opportunities to build and create something more meaningful for patients.

A：The potential for market expansion for orlistat is substantial. With six phase 3 studies completed, the company understands orlistat's profile as an emergent medicine that recapitulates the efficacy and safety of injectable GLP-1RAs. It can be taken as a simple once-daily pill without restrictions on food or water, which could potentially reach millions of people in the United States and hundreds of millions globally. The company aims to make it accessible to a larger group of people for the simplicity of its profile and ease of manufacture and distribution.

A：The company learned from the UK that there is consumer pricing elasticity, with a shift in volumes when prices increase. This has implications for the orlistat launch strategy in the US, as it indicates the importance of considering the impact of prices on demand. The company also learned that for people with a DMI below 32.5, there is an opportunity to reach the orlistat market without the need for weight loss. This suggests a potential segment of the market that could be targeted with the new offering.

A：The direct to consumer platform has contributed to significant growth in the zeban market, with a sequential growth of 15% and an increase in volume through this channel. The platform addresses patient and provider perceptions of value and accessibility to medicine. Other factors include the ability to pick up Zetland VI at a local Walmart and plans to add another treatment like orlistat to expand patient access to treatments.

A：The UK's price increase for orlistat has not negatively impacted the market, as expected. There was a stop in exports from the UK to other markets due to intervention, indicating that the company was able to manage any potential market disruptions effectively. The company is also gaining insights into consumer pricing elasticity, which is important for understanding the impact of price changes on demand for orlistat.

A：The Attain maintained trial is described as a first-of-kin study that the company is looking forward to, with results expected later in the year. This study will involve patients who were maximally tolerated on either semaglutide 5 or triple therapy and will randomize them to either Oram biosense's orlistat or placebo, measuring the percentage of weight lost over 72 weeks. The significance to Oram biosense's commercial opportunity is that it provides an opportunity to expand the market for the company's GLP-1 drugs, with very bullish expectations for it as a first line starter medication, and to continue to grow the market beyond what is considered cannibalization, but rather viewed as an opportunity to attract more patients.

A：The pricing dynamics of the GLP-1 category have been discussed in the context of performance and expectations. The performance continues to meet the expectations set by the company. In the context of competition, the company notes that it pays close attention to competitors but differentiates itself commercially and product-wise. The company has maintained a strong pricing strategy over the past 26 months, and despite a large number of doses produced for orlistat, there is no apparent impact on pricing. The differentiation and the consumer self-pay channel have been mentioned as factors influencing pricing strategies. The company's strategy is to offer compelling prices for consumers while also building out indications for chronic diseases. The unique dynamics of the GLP-1 category, where there is a high probability of consistent benefits and very few non-responders, have contributed to a situation where the company can both offer strong consumer pricing and compete for healthcare dollars from governments or private payers. The company is committed to achieving both objectives and is excited about the potential to reach tens or even hundreds of millions of people with GLP-1 treatments in the coming years.

A：The expectations regarding the pricing model between the US and the rest of the world on orlistat and the obesity treatment market hinge on the strategy of flatter pricing. This strategy is believed to be important for continuous innovation and for making orlistat accessible to hundreds of millions of patients. The potential impact of this pricing model is to foster global health benefits and to allow the company to compete for healthcare dollars from governments and private payers. The company's strategy is to have a strong consumer offering and to prove the health benefits of the medicine, which should not compete for consumer dollars but for healthcare dollars. The company's goal is to bridge the gap between the US and other developed countries, as well as to continue offering compelling prices for consumers while exploring new classes of treatments.

A：The consumer self-pay channel in the GLP-1 category is unique as it has not scaled in other categories due to the consistent benefits seen with these medicines, resulting in very few non-responders. This short-term effect, coupled with long-term health benefits, makes the situation desirable. The implication for pricing and access is that the company has experienced price elasticity and is in a position to offer consumers an affordable price for self-pay while also focusing on building out indications for chronic diseases. The company aims to compete with other classes of medicines and chronic diseases or even create new classes while continuing to see consumer self-paying demand for prevention and other needs.

A：The company's excitement about its presymptomatic Alzheimer's program stems from data observed in previous trials where the largest treatment effect was seen in patients with the earliest disease course. This effect was also observed in prevention of progression as an outcome. The program's potential to treat in the preclinical space has remained consistent, with the same level of enthusiasm since the program's initiation. The company expects to see profound results in the ongoing trials and is extremely excited about the potential of the program.