LLY - Earnings call transcript Q2 2022

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the ADA Investor Update. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session with instructions being given at that time. [Operator Instructions] As a reminder, today's conference is being recorded. like Zierke. the now our over would Lauren host, I to conference turn to And ahead. go Please,

Lauren Zierke

Good morning. ADA. for obesity Senior Thank you of and and Eli Director diabetes Company's Lilly update Relations. at Investor I'm Zierke, joining Lauren us for

and call and Vice and Joining Scientific Product President of Skovronsky, Officer; Development; Croaning, of President Diabetes Dr. Research Jeff Jamie Dr. Mike Lilly me are Investigation; Leader Mason, Gimeno, Dr. of Development Diabetes; Diabetes for Clinical on Dan President Ruth today's Medical Chief Global Emmick, Vice tirzepatide.

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

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

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

Mike Mason

your thank Thanks, today for for to interest in joining you and Lilly. us everyone Lauren, and

exciting innovation novel potentially options, we to continue As develop in obesity it's time an treatments. treatment and incredibly for diabetes

to this breakthrough obesity. outcomes on share tremendous living pipeline mission diabetes updates further call, and our deliver we'll potential, for During assets that to have with people

diseases. the has breakthrough recent discover presented diabetes strategic at nearly a fight I'd the outcomes a spend data approval, been ADA like medicines a new on first, Mounjaro's SURMOUNT-X focusing minutes as highlight will in But that time could highlighting vision in few these our potentially results. to We well the century. for for programs, against leader deliver trial Lilly metabolic significant as to

world living decade, for the burdensome medicines with best-in-class on the the unmet patients developing to needs address seen raise us to disease. bar have continue and around Over past you innovation, launching this

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in US that our first type tirzepatide, trade only for bring the and are team the GIP like our SURPASS conduct am X trial name the Lilly diabetes. and as medicine with Mounjaro, I'd clinical people tirzepatide program. in of also the this our live in agonist I weight to diabetes approved clinical by appreciation to participated X with diabetes. We expectations, sincere and all share from greater significantly of our Results for who proud adults SURPASS treatment those displaying AXc for competitors program trials. the reduction receptor efforts thrilled to the type surpassed individuals clinical the who is and help now GLP-X the versus

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Jeff Emmick

ADA which also great excited clearly a where diabetes a those the people meeting along and very in Journal results living certainly the And particularly conjunction was our New ago. were of was SURMOUNT-X so important the ADA, focus to SURMOUNT-X the to from weeks share It the in editorial. soon impact readout, top line and published after lines, England with and both ADA we than were We just see obesity six presentation, Medicine on had have Mike. less pleased very complications. our with treating results have was detailed importance Thanks, opportunity along with could that on the to

additional parameters. XX those be type global of the at believe SURMOUNT-X baseline. XX% as can had participants on six well what pre-diabetes SURPASS we time is We X,XXX related to participants X doses pre-diabetes same of of of well the of weight program and a SURMOUNT-X, Now the which without extension provide XX XXX pre-diabetes have me treatment important total of SURMOUNT-X time. diabetes characteristics. included clinical XX- most participants the US. designed let total shows used weeks, diabetes for weeks patients dose our Slide for related escalation trial SURMOUNT-X XX% with X countries. physicians. into XX-milligram for design compared as weeks overweight baseline were entry The trial mentioned I safety the with study, summarize obviously will of XX at for some tirzepatide And of and impact with data and participants about was and could reduction tirzepatide background least this already the continue And of tirzepatide to known trial approximately slow demographic XX% evaluate both and to and enrolled time you. who and trial people had characteristics in placebo to and over period obesity over the at onset the Slides was the clinical or the placebo provide participants a the both study trial trial to type in body that to including the reduction on X or baseline longer across treatment evaluate X-, and nine information whether evaluating comorbidity. sites to of approximately through weight for with one the

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milligram the tirzepatide likely in less infrequent, tolerated from observed previously treatment of gastrointestinal, noteworthy adverse being encouraged the program, across Shifting also doses, the overall generally was to what our events similar was the the Significant said safety on exercise limited observation for ongoing percentage are slide, reaching well. again, placebo in intensity discontinuing constipation. both greater to events Study have most And meaningful occurred and for to the during are gastrointestinal is reflects gastrointestinal usually was Type with consistent that morbidity data diarrhea diet SURPASS of impact trial treatment clinical what discontinuation SURPASS and very Serious mortality. pressure are studies were the on efficacy, escalation. that few left that nausea, seeing covered the and was Moving people dose also the of placebo. approximately to during with doses are as of across in and the to the maximal our at the our Slide gastrointestinal arms that the systolic occurring discussed were to overweight. findings significant XX, profile over favorable of development diabetes side to biomarkers compared further and the decreases evaluate doses this the the events we're to performance similar will namely tolerability randomized millimeters occur SURPASS our as approved tolerability it blood tirzepatide, mild see in X% XX-milligram across improvements biomarkers events the the all truly can and at XX slide cardiovascular that adverse robust period. represented the tirzepatide blood comorbidity mercury assess patients vomiting, where all to XX supporting SURPASS adverse the adverse outcome you treatment effect therapies also discontinuation exceeded or most on the of balanced five the reduction generally where that well expectations. and XX% XX-milligram adverse and clinical doses in clinically dose. reductions impressed X-milligram to the a arms well. even efficacy tirzepatide and in observed program. relates and pressure across both goal but three were what range in safety look safety with setting program tirzepatide program, incretin-based well. and delivered with and results and following see the events tirzepatide Tirzepatide on pretty rates and the drug and incidence obesity delighted cardiovascular to Slide to the we effects led these and than SURMOUNT-X believe is and of XX SURMOUNT-X in we diabetes and XX, The in the approximately X unmet dose also patients its pressure obesity, tirzepatide in as alone see in also as not similar common of in planned dose highlights on obesity extremely of our It robust to due and Mike diastolic We Similar of we These of to across observed we need blood the moderate reductions as as XX% with XX% treatment and escalation the previously. we And in diseases. with was have X we lipids extremely for previously, shows treatment only were similar related just we several program, to for what just overall metabolic

Our next year. last is are additional trials, sleep that start apnea, major obesity mortality of expected this morbidity we the initiation trial clinical including which announced later and Phase the milestones to III and December, and obstructive

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at data, the this understand this better patients. to on trial. have ADA And now mechanism could the data in the possibilities XX to We exciting at the related let expect that and me we for seek tirzepatide of second renal exciting action tirzepatide's an update presented of this to to molecule half summarizes other provide as year. shift Slide some we revealed SURPASS-X we ADA

in Type compared a risk reminder, glargine, decline, more renal macroalbuminuria, health. cardiovascular reduced that diabetes XX% and function kidney common insulin composite tirzepatide renal Compared tirzepatide with of risk. by prespecified eGFR, tirzepatide included reduced renal a improving eGFR endpoint the and two As disease and for exploratory of of key measures of to slowed end-stage II the larging than the a death. albuminuria In kidney decline insulin as by judged analysis, participants effects SURPASS-X high disease of

Importantly, these of Ruth for discuss mechanism of tirzepatide use, call further effects independent Dr. the then into action Gimeno over select of were top inhibitors. phase SGLTX on I'll suggesting a review to insights tirzepatide now benefit kidney turn And early molecules. and to SGLTX potential

Ruth Gimeno

Thanks, Jeff.

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We underway by new our in read studies ascending its by NASH. and end X weight high GLP-X utility patients now dual type shared a of on at this also from has baseline studies a in we glucagon a name, showed its weeks see X change kilograms, to are trial XX.X type favorable waste multiple treatment. Our XX.X% expected XX Slide circumference. oxyntomodulin, the obesity, receptor XXXX. GGG internally reduction which of are we diabetes and of impact and out diabetes known assessing that Phase the results Both year. dose the ADA of also XX of lipids Mazdutide in a II at Mazdutide, of dose is in program with reductions agonist potential and the shows

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Our regimens, of consists studies pleased Phase X global current data remaining have of indications. development program expected portfolio related to QUINT-X obesity XX initiated and Slide with summarizes diabetes diabetes, our the report studies year. relevant we called these and are this registration studies, and treatment populations three to for that start five in QUINT, QUINT-X two and

our novel In diabetes, and related outcomes have I insulin ingredients several on we disorders. and addition metabolic that obesity next-generation obesity to to focused weekly targets and highlighted today,

largely development. moved with tirzepatide While more potentially X X preclinical Phase assets could am on These combined benefits. in we DACRA molecule Phase diverse assets focus X today to and agonist into and as our X receptor year, Phase even of amylin and achieve development and our earlier and set our PYY X by pipeline, the Phase I in weight encouraged additional be long-acting this we Phase loss are well. progressing We

look management on and Mike broadening robust as We and expertise we cardiovascular closing the some to recently for you disorders forward launched how to comments. earlier, As where I'll and Mike failure, the back provide are progresses. related to turn shared early such obesity heart over call as indications empagliflozin. updating we the our build include our now just and not pipeline of dulaglutide late-stage about we also metabolic health to but disease think

Mike Mason

associated and type the approval AXC reduction the We're Phase X potential looking Mounjaro, III more recent with Phase presented weight showed the kidney final as with subset versus Lilly of are well the DPP-X risk helping strong agonist, compared oral in that the growth reduction inhibitors receptor coverage. prescribed patients of five for HFrEF XX% Trulicity greater Jardiance due by the was chronic for of reinforced diabetes XX% benefits final heart significantly DPP-X first EMPRISE people trajectory. and Ruth. the all in further and to of with study of with ADA. with Ingelheim from grow proud as HFpEF reduction the with data forward the evidence renal efficacy, indications superior Boehringer versus risk of real-world in the as in with we continues relative medication. Medicare US Thanks, to study XX% reduction is that and inhibitors patients a branded had metabolic and hospitalization And the remains positive on Mounjaro program. in early analyses clear for to all-cause failure even for comparators The impact X fuel already well mortality approvals launch based for as the most our GLP-X its Jardiance stop to collaboration near-term diabetes cardiovascular, a opportunities for and on disease of at versus

Jardiance's like as diabetes trial concludes X as with and initial failure, our And we GGG, rest patients, prepared new as well you raise we indication, Mazdutide patient care SURMOUNT-X remarks. based improve tirzepatide disease cardiovascular today, areas overweight future heart work expanded has saw bar results heard apnea. in like and and to aim revolutionize as studies outcomes obesity with as BIF. sleep GLP-X, obesity medicines the potential beyond we won't oral for This in in Just its on to and the we type the impact

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

Lauren Zierke

questions take like Mike. callers as We’d to Thanks, many as from possible.

ready the limit then the Q&A please a and single our that we two provide with ask question for or two to parts. for you we’re first session, Kiwi, So, caller. instructions your questions

Operator

come of you. the line question Our will Seamus Please [Operator Guggenheim. of go ahead. from Instructions] Fernandez Thank first

Seamus Fernandez

question. the Great. Thanks so for much

as through, category the get ahead given Mounjaro, And acceleration So point as reimbursement really for accelerate, and as like just acceleration see now year-over-year. the is or until this seems market NBRx. a to to further availability is continues at for obesity? relates may be it or it relates to maybe of least question upside a seeing at there it share class now our growth more It gain look NBRx on relates to it clarity we're Mike, as thought of first Mounjaro? GLP-X what this more we introduction wondering if the the in the scripts XXX% I'm you your of Mike. come Ozempic potential the overall is tirzepatide XX-week further

on The specifically. actually second question is Glucagon

seeing But of get that feel to paper. published Nordisk with at that dynamics. you're to with Mazdutide co-agonist number any actually know highlighted of issues? in with a or And types Thanks. seeing if I understanding cited Novo your with or issues were GLP-X. there you those molecule-specific the better a are issues with safety if Glucagon GGG a There wanted either safety of Glucagon mechanism was hoping was safety just those paper that Just the potential of attempts

Lauren Zierke

class we'll then GLP-X We'll Seamus. Mike glucagon question. Ruth to and question for the shift on Thanks, the with start

Mike Mason

question. All Seamus. I right. Thanks the appreciate

further there's long-term, diabetes in many have take sustained this, the segment indicated, as a I grow to think you think we grow and with growth. affords to mechanism then look And as the both that's can As offers. benefit new at that or opportunity Ancrogen there's more Ancrogen class currently. that to being we obviously, from opportunities opportunity patients used think obesity I tirzepatide see the the GLP-X We short-term long-term do

I time think obesity going to it's develop. the for take market to

the market is long semaglutide this tirzepatide, but it see with range. the I in acceleration for and -- we're think we'll in

You HFpEF, think to we important -- solidify trials we prediabetes disease, we're behind us not that we're our clinical sleep obesity that believe could really work for as who a only our going and cardiovascular it's from have -- investment and this apnea, disease, chronic this HFrEF doing and tell I the some by That probably both said, -- identify in higher do people the today insurance in we access XX from in XX% or by it US time to million of will get that to have live that that. and amounts to only people still to build is that time commercial access, with the obesity the who evidence even people have launch. to do

good grow to there's a and think us I at So, that opportunity over time. launch grow for will opportunity

Ruth Gimeno

effects pressure a on And on powerful expenditure, as effects also direct as liver glucagon, lowering. intake, kidney, to Yes. effects energy on well comment is nice food the direct glucagon the obviously very on some very blood but pharmacology test,

with lot. matters I ratio co-agonist the think molecule; any as a

you how will pharmacology be important. So, glucagon balance GLP-X with

as development. molecules stages safety and been issues look of development, types additional more take as any triagonist we not early well still the through have Obviously, As in that reported molecules, we'll of actually our as of these Mazdutide, GGG at before. have observed learn it's we we

Lauren Zierke

Thanks Mike Ruth. and

caller. ready Okay, Kiwi, next we for our

Operator

that of JPMorgan. And with Schott Chris from come will the line

Chris Schott

Great. this the Thanks data so much and weekend. congrats on

tirzepatide the see first profile shaping oral me. was this the much. in of So, are the And just the data guess do and what on thus for just trying and from sense benefit with maybe that far, playing segment here you I obesity that I'm on to the the the drug in and GLP-X. Can the therapy SURMOUNT role based the market then see is of approaching physicians two Just market up how to oral injectables? of talk available? once basically duration injectables? you that's on you about relative you're patients second question just a the versus excited in data get focusing given the of you're product you have of how light your thinking seeing how about Thanks so you

Lauren Zierke

Mike Chris. question obesity start duration shift with GLP-X oral the the off to Thanks question. then of on We'll on Ruth and

Mike Mason

your Chris, Thanks your for for question. comments. thanks

to a On then believe effect we disease the a chronic long-term the patients and medication, to to therapy, effect to this in get chronic that initially of have on the is are going stay long-term. order and therapy maintain duration to

live and really during with compliance making make be is obesity to that sure who treatment, there's individuals to will support important. we adherence which approach our journey sure their So,

Ruth Gimeno

the important a to medication. option for have oral it's We And feel molecule, easy-to-use simple, patients Yes. obviously, for daily an NPA oral an it's molecule.

injectable be think profile to our may high-dose there's be might lot into patients be very have think going that that actually away. go a to NPA a -- willing that right not therapies of to similar We molecule I semaglutide. is

a Mike, additional go provide attractive want comments. to an if that injectable. profile a not patient know, don't quite some maybe I to think for be I to is you ready population will very that

Mike Mason

the -- the as be think type in I diabetes prefer No, as orals there we obesity market the certain as to think about market, versus injectables. both segments on -- that there's well the do X

it's to diabetes. and complete with live a think, products for have portfolio who good obesity I of so, people And

and oral and the excited to good have injectable we're options blessed both So fronts. in

Lauren Zierke

Thanks for the questions.

Next caller, please.

Operator

of line go We'll Steve the with Cowen. Scala to

Steve Scala

questions. couple substantially doses, Does us different sold Lilly Thank a examples give of to for same brands plan at And brand price the under you prices. drugs either A tirzepatide very point? but can much. different launch separate at of two way, of obesity at a you

first So question. that's the

can get sufficient claim? Thank label diabetes SURMOUNT-X to a The second is, question be prevention you.

Lauren Zierke

Thanks, Steve. to those for questions. Mike We'll both go of

Mike Mason

Yes.

of to on indication, any get first for approval after the detail really any going release so So, all, we're pricing obesity I can't that. provide our until of we not on obesity

approval we Jeff data. to On is, we'll the dialogue, consistent happy mean, think the we of second what with update regulators engage said can around, the an on do we're it's with and get I question SURMOUNT-X in half that earlier with have had year.

Lauren Zierke

the question. Thanks for

Next please. caller,

Operator

We'll Geoff go Meacham America. of to the line Bank with of

Geoff Meacham

ones couple I Thanks on guys. so for taking the a the commercial much have quick event. Hi, and of the and just clinical. hosting question

is, but could weight the towards three could and the been reasonable if and see be have upper loss you then like? where the that's meaning normal you. just you factors, with question you GGG, what's the limit tirzepatide? concerns build those think And of then adoption loss weight Thank on run and build risk prediabetic tirzepatide with -- have perhaps metabolic population, mechanisms, different the the that Trulicity, for into For do AXc. And obviously, on is this attitude payer before you the

Lauren Zierke

Ruth and GGG Thanks. question. We'll the on the go to commercial question follow Mike first with up on then

Mike Mason

look me with as at with the -- saw people data. the our we -- the I obesity, SURMOUNT-X who obesity who in We has was, -- question in there also Okay. tirzepatide, indication, many And what's we're are think live opportunity prediabetes. let the prediabetes take that a

And some who me at data remarkable of prediabetes people had for the to is glucose tunable of like that was returned study XX% them the levels. that in most fact that

trigger as and talk think say, of I payers to to I discussions, that will begin number to healthcare payers treating professionals So what's a there's individuals. and

prediabetes journey. can see kind to want of think an the health those for with important obesity. And I may live disease treatment be start Some trigger a of metabolic who

think data, it a in good the in ability help that think I showed ways. SURMOUNT-X So, many can tirzepatide to them I provide

to in think with some and that And the obesity indication we and people marketplace so, approved live at some that will I out there's healthcare in an time in to hopefully get there talk prediabetes. professionals opportunity as totality who opportunity do be get about and

Jeff Emmick

announced and planning mortality the Emmick. trial, This will without call, Type Mike, or obesity Jeff on II last going to be was we is that and but again obesity, and the also I mentioned morbidity year, a large patients with trial as in add, we're just diabetes. I late outcome overweight which MMO,

had As had you over of saw we in patients the that prediabetes. XX% SURMOUNT-X,

than expect well. that certainly, us an to period patients give of SURMOUNT-X. we cohort So, time SURMOUNT cohort the MMO with to have opportunity longer that as And of will prediabetes even a large follow and over

Ruth Gimeno

loss, And with it respect where you from. think to how the weight I much of -- limit depends what's start upper

adult for you more surgery. have population think I about than X% it, have way the bariatric US PMI a the about qualified So, of XX

normal and to there's to that's these weight, want to If bring you XX% people responses. we be for loss. weight know body you to going of a XX% each so do And that the medication, down math, weight range probably loss

degree So, obviously is weight something to that more that or offerings who also maybe looking I individuals expenditure to different looking loss something primarily larger durable more for provide increase think that energy and but need us a give weight what maybe give food us is for that we're us – medicines a intake. allow things and of loss also to

of see a quite actually we bit there. So, space

Lauren Zierke

question. Kiwi, next please. caller the for Thanks

Operator

go SVB We'll of Securities. David to the Risinger line of

David Risinger

congrats and let on my the as well. Thanks very add me much Great. data

offers tolerability that GI mechanism dosed Wegovy. with the of clearly, cross-trial the tirzepatide than up GLP-X has better dual mechanism So single

So I questions this. have on two

hosted tolerability discontinuations an call similar, just better was surprised roughly X% across Wegovys we were that and versus the the tirzepatide. tirzepatide obesity for leader expert despite pooled the and profile GI approximately First, doses X% for thought

of then for any adding think an you that your of about comment should X.X top that trial? Thank your Whether could impact on had GLP-X? that, on was the Amlin how trial? the you case might you whether milligrams X why been for hoping of separately, observation And So, have on had tolerability I you.

Lauren Zierke

Great. first to we'll question. MX tirzepatide and tolerability Jeff question. for Thanks on to the for the tolerability Ruth shift then go We'll

Jeff Emmick

very for all It's II done thanks we with profile -- diabetes what population, what David, have in without very across pleased of X we're the events. the again, other in say, -- with for pleased can't typically were consistent Type and including GI But doses saw numbers We in to of with patient further diabetes. in I periods differences, type And and it's I'd adverse SURMOUNT-X, saw, or seen trials discontinuation tolerability higher the very, in comparisons. question. patients we Yes, the always see time. X% events, comment very less. slightly mentioned, adverse incretins cross-trial with we're careful we as we're different on generally GI the

know, think on done you Journal England SURMOUNT-X New COVID the throughout trial commented was that's impact I well some as COVID As well. in certainly had the on And paper.

that. beyond conclusions any draw to hard it's So

Ruth Gimeno

respect by Yeah. has side Amylin obviously, GI Amylin, effects to with itself. And

So a limit basically with the going GI will combine much you become there's can it GLP-X, to how up. tolerability this as limit where you dose

top actually there we're and lot in see As you what I, tirzepatide the the component is this like know, interested note. a on we of of to literature look GIP of will actually Phase counteracting have on Amylin very molecules because some

interesting how So plays be it see to out. that will

Lauren Zierke

Thanks for the question.

caller, please. Next

Operator

the to Research. of line Anderson go We'll of Wolfe Tim

Tim Anderson

have Trulicity. Thank question on I resourcing a you. behind

head-to-head field two drugs force trying and And same that I'm the running field that's And impact on active DTC then might and you to that resourcing I Trulicity, surpassed promote will it an same sort the assume normally you that force, while. of keep would out will thing? did wouldn't be how but So the Trulicity. campaign, report CVOT of of Mounjaro Mounjaro's promotes you about a ramp doesn't meaning the level think for Trulicity. switch have

likely from about regulatory then what it's question is be path? be in the a to So the what's the And think net with likely And payer than obesity this second will ex-US, less trying basis? or US? accommodating think just environment franchise to tirzepatide more do you

Lauren Zierke

Great. questions. for We'll to go both those of Mike

Mike Mason

Yeah.

our So have, we to our mean be as approach across is well on to incretin our class I class. we're blessed going portfolio, look focus the our growing the as growing at within as for share resourcing, which

we not for where, good our our resources place And that to always We're so occur. will goal We'll tirzepatide. strict converting We have we'll best today. where what's But promotion focus take of I on when promotional internally. say, over really patients. product. incretin lead and kind is a a to resist tirzepatide just net be on Trulicity will urge look that we approach than stay a are will in patients can have focused lead obviously, Trulicity the an mean we bit residual still some higher be

patient patients gone those helped over That be promote we'll so to by tirzepatide. naturally And have Trulicity on to that best one converse organically would will tirzepatide.

organically so you will that physicians to we – patient. won't some the the that. will are happen, just product see force some And pick right as It happened for but right switching trying

segments confident patients – term. in or ability we not in work can or then higher outside, the expand that is some indication XX obesity a a obesity BMI markets the XX-plus and ability some many to And setting, either through patient outside who some get for reimbursed obesity for getting countries, We be be US. BMI but approval do we're live above. market may get have for Regarding potentially to range we the obesity OUS. reimbursement It of think do the unique the every cash long may in and believe full we in

Jeff Emmick

both global. add program SURMOUNT there. in And the some X and trial obviously, actually And thing is the China trials obesity only Phase of different from our I have given specific perspective, around definitions clinical is Japan, a would we TAM then ongoing

registration. are So truly OUS targeting we

Lauren Zierke

the for Kiwi, Thanks caller, next please. question.

Operator

Raffat Umer ISI. of line Evercore the of to go We'll

Mike DiFiore

and made on DiFiore question. a Two on formularies. being Once for so This guys. Umer. on data congrats thanks taking the Earlier you Part me. for the comment in Hi, Mike again is D call, the in Medicare my quick much for

project broadly, If forward, payer competitors a obesity, be is will And you unclear more scenario where, thoughts December and evolution said to up the your overwhelmingly on standalone could landscape, move outcomes both clarify roughly and each it efficacy a that. your successful, yet and back your safety of like it's the of just on on you may whether looks oxyntomodulin please that oxyntomodulin. at why could will an open trial with them be your coverage Investor cardiovascular say, And case? may have separately, GGG Medicare, the CMS not there assets, specifically comparable GGG edge Day, that is

one? So And not, with Thank at Lara a might this formal you. what just or [ph] prioritize stage, [ph] look DACRA either either agonist? combofab has if your decision made Lilly to

Lauren Zierke

Thanks, question. Mike. and We'll to off Ruth the access question then start with Mike and on shift GGG for the oxyntomodulin

Mike Mason

Thanks for your question, Mike.

I'll again. access, Regarding through go the that

So X this for -- this for again, type Mounjaro indication. diabetes is

formulary Medicare have Express Commercial We access Preferred Formulary. D Part and for already National Scripts Humana's

we're negotiations. So currently. working the that's obviously, pace of natural expand the access that have And that at we to

with long that or most that. overweight you your not step debatable. if term on just Most living think it's physicians, and payers around at long-term question back you impact the I has health, look understand obesity really obesity,

really demonstrate is to to in health need good think hasn't been date agents struggle happen. the to order there that the I just outcomes enough

committed what the that sure people so we're space to who committed you a It's order this have And disease. and data recognize you both Lilly, Novo logical. very we this make in very pipelines for got as and to very can good see. assets who and is good companies, generate are to chronic

don't debate importance You have much with have of to the obesity. of usually treating individuals about a

I it probably will I existing the will some adding If take it be I the was think would payer, treatments. So to time. occur, resistant

to that change do that's and semaglutide we because that had the be us and got exactly generate able capabilities plan got launches So they that, we've can the limited that. we've the to And efficacy. we're to But before up our is. think what it's ones I on I to think investment, evidence

in federal that what see access picked steady the time encouraging improvement decide over up So obesity very obesity. a and you'll where governments was is thought I to employees employers I formulary. add think it

future. store for So that's for an I think the in encouraging what's sign

Ruth Gimeno

Mazdutide, a This forward, decision be move For data-driven that GGG we on made growth will decision. to which versus have yet. one not a

particularly So data, data Phase are for GGG. the we waiting additional II of

of the be the near-term Docker combinations, terms Lara certainly, & [ph], combination would tirzepatide. for In partner in natural

in the the us in portfolio think of long-term, I how very we’ll these have And more, and we it's GGG this see a nice it evolves. to and oxyntomodulin. as lot understand molecules gives optionality

Lauren Zierke

question. the for Thanks

Next caller please.

Operator

of Divan Securities. Mizuho go to line the of Vamil We'll

Vamil Divan

Hi, great. the taking Thanks for questions.

you. data covered been, you any weight the but tirzepatide? between sort hopping lean if Sorry comment Just with can you that versus share? can that mass this. here, I've loss just wondering if Thank of just and you I'm fat some find data and have of, myself a mass couldn't you reduction if calls the this, for regarding body on any muscle curious loss looking there’s of

Lauren Zierke

to Thanks, Great. We'll Vamil. Jeff. turn

Jeff Emmick

you're XX.X% XX-milligram in -- means a body lean XX% that at is the compared slide in the in what we but a reduction of both improving that. overall, in had that and -- fat lean analysis, in And doses combined about Yeah. XX% with in baseline. of or greater mass, which We a we XX mass and -- tirzepatide we saw I and XX-milligram were or to and deck have saw did in the that you covered front which me they That roughly with pre-specified don't a sorry, see mass in lean pulled about percent means mass, reduction fat you're and have what XX.X%. slide reduction mass. about at three-fold and dose also XX up at actually with placebo, composition that

And XX. this percentage translates greater changes, bariatric on improvement So you fat body overall typically an surgery, slide I'd but loss mass, XX both in do slide to in with loss reduction again, the much, you weight expect And to that loss composition, that a see mass. lean deck. some data, intensive you of whether of is in but seeing with -- of much a we're lifestyle refer again,

Lauren Zierke

for Thanks question. the

Next please. caller

Operator

Baum We'll to of Andrew line go Citi. of the

Andrew Baum

your of you're coming obviously, we're patients tirzepatide. it's the how a PBMs or you. So influencing how your just in I on reimbursed doses milligram or going questions. the the drug with aggressive understanding from bridge then is go at Thank reimburse, just to that rollout competitors on to they tirzepatide? to We, you sampling hearing you and have program consistent sample of transitioning previous to are a you A some from programs being there the couple with We're second, dynamic of products. high free be have from use your following question. a as are at sampling well? that midterms of then Could note competitors commentary and bridge hearing X.X up. X.X And from more to going much talk to is with that

GLP-X that to on what legislation Thank We the out caps reduced would impact is the putting a GLP on place of other on financial and barriers Medicare One caps pocket better. of do the put through is adoption you. side think out-of-pocket to be house have adoption would in that in What the consequence? for think as you contributions. the of you build appetite the almost back

Lauren Zierke

both to for of shift We'll those Okay. questions. Mike

Mike Mason

questions. Okay. good Yes,

give me my perspective. Let you

more medication. get -- out-of-pocket the that why on this this, to don't strategy On for a doesn't tirzepatide. of a what's benefit We want patients be reason want the we have someone kind experience to cost sampling of of it's our the and on

is which at start of we the pins strategy experience the important sampling is having is think the So, piece with. four pack sample a first, X.X-milligram an to with right that,

more the to to go and what of benefits that to have buying pharmacy for paying has at we good and of do second or make it's kind strip -- the X the just not script decision it's actually the that at have see So, a opportunity that they first before milligram. can have make experience patient of sure they

physician the can commercial to have many they give a someone and a per also to patient. us, prescription box can start to they card a titration to card, buying we patients sample it savings because with $XX give wants savings and on decision. -- that a will when give will the just before tirzepatide, -- simple have So, they down a for It buy insured someone very -- does can when they dose that they makes It allows things. can experience

important for it's for we so good savings time. build to access a And have us as over program patients

It's The that what second for in question, I co-pay coverage? insulin haven't think, much like discussed to is cap do thought if have haven't for works. seen question. about a the a really would because that good government products, on decided I being the that I other

is anything think it helps for cap be good out-of-pocket costs for people America. who would good I for that with society medications would live chronic be

payers, So, I work positive. think with but we I can would that through. very think be change It that's all would probably dynamics something the

provide helps perspective. that my hopefully, So,

Lauren Zierke

please? for question. caller Thanks next Kiwi the

Operator

Shibutani Chris Sachs. of to go line We'll the Goldman of

Chris Shibutani

questions, much. at Two and very you for the background Thank I'm may if apologies airport. I an noise.

tirzepatide is for looking in outcome MACE obesity meeting of is in payers of the readout use reduction, the space you as first SELECT aspect. be? how about that most CV on competitors' acknowledge about underpowering commented potential endpoint death of your further and Can obesity was some study would study, own for of expectations their in obese CV overall duration at They they My question that from kind the your with investor you the ADA the primary outcome what looking element tirzepatide, for your designed design important second cardiovascular event. obesity. about thoughts viewing The trial and the upcoming comment study efforts. a on If interim XX% at makes potential there commented the

Your data less The decrease could to pace span, shows which of you of definitely about a Perhaps a decline dramatic two-year comment to shows year. adherence. however, one from questions discontinuations for if my brings you could to to out one dramatic an during is analogy reasons if that? and that year Thank reasonable a it's not if interval, you. and two perhaps obesity, one, spanning share Trulicity adherence patients that, was about

Lauren Zierke

Thanks, Chris.

Mike. first go your second we'll to adherence, question go your we'll For on CVOT, On question to Jeff. for

Jeff Emmick

Chris. Yeah. Jeff Emmick. Thanks,

question, working details with you comment, I titled without the of the As it obesity. study. you patients think, was of design diabetes. – your and specifically the through still study morbidity about and outcome our We're MMO will obesity SURMOUNT in I noticed we mortality

we'd some So comment and that not But what still we're study that the have thinking we'll patient we're in in looking we'll the have that the Similarly, we cardiovascular to we've again, in paper details for a of than enrollment completed at. study, be actively reduction in is enrolling. endpoints or about outcomes, ready study population. once broadly SURPASS-CVOT our around just the but outcomes that look information pure more on percent design would

So I of can't now. on the comment design right further aspects

Mike Mason

be as disease. And there's care a this both comes obesity and and point it that make understand work chronic it sure of Yeah. have incretins health obesity going to it's the the way who professionals to in to chronic is they a of for use people a And adherence, medication. that education be – will chronic

in training, XX adherence. upfront of people lot Most so the the the that adherence a of There's drop journey. in affects do understand two days. parts that of we'll really first is journey the actually So

incredibly the retain and we'll that And patients. understand well, sure we that experience so we make can

who sure long that's it – incorrect on they'll hit and make sophisticated that make benefit. that term, increase, leveling occurs. have treatment. And there's off, then bill rate, be see where to their assume the We I see approaches some people the to very the education will they'll decision the that, happens. then going go back and They'll stop They'll weight they'll see treatment. to probably

they treatment so a will a be reminder as effect pretty And on obviously visible if there need someone taking stops that treatment. to be

the So I reinforce to product. think that will adherence long-term help

Lauren Zierke

Thanks the question. for

please. caller, Next

Operator

We'll Berenberg. go to the line of Kerry pf Holford

Kerry Holford

please. for questions Two me, Hi.

of diseases and to do year. the pipeline, because on And from following fading secondly, see now you fall those pricing Interested those of access. pricing and as the prior that on diabetes two net time, for describing lines published point hear on Firstly, GLP-X your markets Therapeutics, Phase in obesity for price actually, expect ADA obesity today and oral Rigel questions diabetes? partners, view? from reimbursement over the view data, this in of distinct Do its is towards and I you of then your between GLP-X one

actually be collaboration to think agreement? whether I'd is an that now your that's II. Phase falls asset just I started under interested understand And that

Lauren Zierke

your second Thanks, first question Kerry. your We'll for Ruth, Mike go to partnership. to question price, on and on

Mike Mason

evolution in going markets. discussion diabetes obesity one no down pricing mean that is the scenario probably to obesity broad That's What of happen. pure is encumbered, to for diabetes. you I pricing believe may negative that is just knows and Yes. be where means speculation. were will that the overall any near and could outcome the prices that market. be to one that if be and go suggest a that so obesity access I wouldn’t happen, Obviously,

Ruth Gimeno

this no with role assets, Yes. respect to RGT-XXX, And Lilly has fall on Rigel our does the not in so just collaboration. Rigel's work into

Lauren Zierke

your questions. for Thanks

please. caller, Next

Operator

the Robyn to of Karnauskas Securities. go line Truist of We'll

Nishant Gandhi

This is Nishant Gandhi on line for Robyn.

quick a safety class long-term for on general. Just one GLP-X in

versus you clinical you. see in, to effects frequent for any in trials you general. How effects? Trulicity or real if world do curious compare example, the side other GLPs Thank data for side Just have

Lauren Zierke

maybe clarify we if just question. And your could

evidence So get GLP-Xs real-world versus of Is you that about tirzepatide? asking like and were correct? Trulicity

Nishant Gandhi

Trulicity. compared the Yes, in like trials with side general, clinical effects the to

Jeff Emmick

this Well a we tirzepatide still have have the safety we not very or Jeff in try Obviously, real-world is do clinical follow what trials. me don't long-term clinical comparing is in clinical observed on -- we so trials. comparable Emmick, comment. use comment sure dual can't And let Trulicity question. with to beyond that what to real data profile long-term our I case, agonist. specifically, see is the our world trials to with we data and quite But certainly, GLP I'm I long-term

there. any make cross can't comparisons So

patients very, tirzepatide's that But there. it, And is consistently very what with That's safety diabetes now and comment diabetes. specific without GLP-X comparisons tolerability patients is real-world said and very seen very can't have on fairly in receptor again, we both evidence agonist. we have study what we've consistent to and think for a looked with I in the and very profile SURMOUNT-X, similar. long large I

Mike Mason

the this who very patients time at the then diabetes at has closely help. how six prescription at still been maybe be data generic on any kind historically, look time look Yes, of will Trulicity months' medication treatment six We are that many and of a retention of branded. rate is their frames, pick rate retention or I that frame. class, that, one best across different whether at We months. look When the up

causing effects And with think higher-than-expected isn't suggest on the GI would a people staying issue side that treatment. so, that I

the people experience that's performed think they the positioned is we've so and the seen on why of on face product like like of that, I the overall that they it the it. So -- and in so well the stay -- because just strongly in Trulicity, the is marketplace, experience, competition experience has

So side part of effects. is the experience GI the

efficacy. it the is part The other of

GI side you're If product. experiencing effects, seeing on the to going efficacy, you're you're not not stay

So never Trulicity experiencing, what if always the It's very but strong someone it's the just efficacy just historically. what part. the it's is is calculation for one been is just tolerability cost and out-of-pocket is, a of what

Lauren Zierke

the for Thanks question.

please. caller Next

Operator

line have the David Securities. we SVB of from Risinger follow-up of And a

David Risinger

Yeah. very Thank you much.

ramp. access ask about just a So I bit to little wanted and expected the

Trulicity Thank sources access months IQVIA? get you. won't various that the we us about we prescriptions, the respect stands? So such for should tirzepatide as that context, you where could in And just assume and be captured should current with And remind think how years? ramp towards the to the samples target prescription coming to by tracking

Mike Mason

questions. good Yeah,

XX% has Trulicity than So greater access.

With to at that what accelerate we've out So expedite you to. over negotiations pay rebates you actually rate cause would or to the you than that ultimately tirzepatide, a higher built don't need years. want the

at so the right And price right point. has right at the pace right go order to negotiations the access payer the get the to at in speed

going And would to to so at access been for the XX we've done to this -- we be in be We in we're need be that to launches, for we plan diabetes build pace long-term. expect in with many obesity Again, we've decades. successful the we're years. order and

or to a taking first the approach three. trying So in versus results long-term two always we're or demonstrate month

product to in to prescription it, five-milligram as pack you're the living sample go with yeah, that a the show the right. comes a will diabetes in thus, up pack, only dose. show it or someone gets and patient that a they If up pick as the will pharmacy As sample up to prescription has

there that the physician said, Now is -- samples. uses not every

the case, use that use samples in that then doesn't count in data. physician IQVIA so X.X that would script, And milligram would a and

Lauren Zierke

Thanks question. the for

please. caller Next

Operator

Markets. go to We'll line Evan Capital of the Seigerman of BMO

Evan Seigerman

taking Thank for the you question.

indication support the use the of subsets my obesity? from trials something as tirzepatide that thinking are forward additional XX SURMOUNT-X from to I'm the over the efficacy. then of or you. about in as data It you data long to kind weight help so of doses, Do ahead time, the their of path for see use you follow-up or thinking SURMOUNT can if the was weekend. an of, obesity know patients Over data of forward data two-hour And we obesity reduced any Specifically, lower physicians a use that Thank to SURPASS ahead to earlier maybe impressive. you're loss XX% dose so trials? So approval is piggybacking question, to session in look able year? you a or of next asking milligrams about of to off achieve maintain five Is kind to say, you question. expect be long-term from XX the do

Lauren Zierke

Thanks, Evan. question Jeff regulatory, dosing. second We'll go on then first for question to and your on for your Mike

Mike Mason

Evan. Thanks, one. first the take I'll

the submission our engage to plus utilizing during of we mentioned results possibility SURMOUNT-X from noted. of remarks, the As I the robust as authorities, SURPASS, plan SURMOUNT-X engage data regarding to you've a regulatory given with

not program, our in for in a was than more a weight is criteria program. than XX that XX. but the can XX% participants the met it greater either greater SURPASS was in with BMI SURPASS BMI program So of certainly, I endpoint what gated than a secondary share primary or And a comorbidity

heard something diabetes type patients of that's we with also the and majority the obesity. X -- complex, have overweight So or throughout

other in large SURPASS. So the And finding we've what very set. data year. and similar we'll in encouraging we the again, safety the population, in an the And very SURMOUNT-X have a of profile have between tolerability that was observed update second half patient

Lauren Zierke

for Mike comments. we'll and to Thanks, shift Great. closing

Mike Mason

potential the work our related participation we innovation Please outcomes. we breakthrough Company. Okay. a believe enjoy and of metabolic addressing and deliver for the see as unmet approval Well, of obesity if follow Eli We not these Lilly rest future in the your to thrilled your today's Mounjaro we conditions. great the with team interest you. with have is and diabetes X and All expand We remain in across and closing, in have day. are in patients focused we on Investor diabetes for right. to need on Thank appreciate start obesity type and call investor the Relations you any up questions, addressed call, into

Operator

is and XXXX replay Eastern And Time XX, at p.m. X gentlemen, through available midnight. running this today beginning June ladies for Thank you. conference at

access entering XXX-XXX-XXXX. with X code today. access does XXX-XXX-XXXX now conference Those the may and may again of disconnect. you time replay participation, access XXX-XXX-XXXX for International XXX-XXXX. call the That conclude your XXX-XXXX. dialing are of AT&T any Thank XXX-XXX-XXXX dialers our you the at X or may and numbers code You for by system

Eli Lilly and (LLY) 7 Jun 222022 Q2 Earnings call transcript