At this meeting, the company announced its financial performance for the second quarter of 2025 and conducted forward-looking discussions, emphasizing various factors that may affect actual results in the future. During the meeting, the speaker reiterated the focus on non-GAAP financial metrics and mentioned non-promotional information about product pipelines and market strategies, aimed at providing value to investors rather than serving as a prescription for decision-making.

In the second quarter, the company showed strong revenue growth and shared positive topline data from multiple phase 3 clinical trials, including Attain 1 and Forgo Pro trials for obesity. The highest dose of Forgo Pro in the trial resulted in an average weight loss of over 27 pounds, or 12.4%, with safety and tolerability consistent with injectable GLP-1 receptor agonists. The company aims to develop an orally administered drug that provides the clinical effectiveness comparable to approved GLP-1 medications but with the convenience of once-daily dosing, in order to address the global obesity issue. Currently, Forgo Pro is being planned for submission globally, with the hope of making a significant impact on human health.

The company's revenue in the second quarter of 2025 increased significantly, mainly due to strong sales of key products such as Lista, Manjaro, and Ze. Manjaro performed particularly well in the US market, becoming a leader in the field of type II diabetes and successfully launching in new markets such as Mexico and Brazil. During this period, the company initiated several clinical projects, acquired Site 1 Therapeutics and Verb Therapeutics, expanding into the areas of pain management and cardiovascular disease treatment. In terms of production, new facilities in Research Triangle Park significantly increased capacity, with plans to announce the location of a new manufacturing facility within the year. Financially, the company distributed $1.3 billion in dividends and repurchased $700 million in shares. In the face of discussions on drug pricing reform, the company emphasized measures to directly address consumers and reduce patient costs, while warning that blindly introducing foreign price controls could harm innovation and patient interests.

In the second quarter, the financial performance was strong, with a revenue growth of 88% year on year. Key products made significant contributions, leading to a gross profit margin increase to 85%. Marketing and management expenses increased, but non-GAAP performance profit increased by over 6 percentage points, reaching 45.9%. Earnings per share increased by 61% to $6.31. Products in the fields of immunology, oncology, neuroscience, and cardiovascular metabolism performed excellently. Sales of products like Manjaro showed significant growth, international market expansion progressed smoothly, and several products received important regulatory approvals.

Discussed Monjaro's successful promotion and management of business activities in the international market, as well as Seban's use as a prescription drug in the US market, particularly the decrease in prescriptions due to changes in insurance plans, while also emphasizing long-term growth prospects.

During the conversation, it was mentioned that the market will continue to grow steadily in the first quarter of 2025, with a significant increase in market share for Lily products. The company has adjusted its financial targets for 2025, expecting revenue to be between $60 billion and $62 billion, non-GAAP gross margin to be between 43% and 45.5%, and earnings per share to be between $21.75 and $23. At the same time, the company plans to increase production capacity, with sales volume capacity at the end of the second quarter expected to increase by at least 80% compared to the same period in 2024, and emphasized that it will continue to invest in new drug research and development and market expansion in order to increase market penetration.

In the past two weeks, important progress has been made in the CVOT trial of Terzetti and the Attain 1 trial of Orforglipon. Terzetti has shown cardiovascular protective effects compared to Trulicity, particularly in reducing MACE3 events and all-cause mortality. Orforglipon has demonstrated significant weight loss effects in obese patients, with an average weight loss of 7.8% to 12.4%, and improvement in cardiovascular risk factors. The detailed results of both trials will be presented at the EASD conference, and data submission to global regulatory agencies is expected to be completed within the year.

The conversation covered positive results from multiple clinical trials, including the efficacy and safety of GLP-1 drugs in the treatment of diabetes and obesity, as well as the advantages of Protobrittonic in the treatment of chronic lymphocytic leukemia. In addition, milestone advancements were mentioned for Deeno AB Retaruke and Olimar Acid in various indications, such as positive opinions in the EU, dose adjustment approvals in the US, and the demonstration of long-term clinical benefits, laying the foundation for global market access for the drugs.

The launch of Triumph 7 targeting patients with chronic low back pain and overweight or obesity, as well as the planned clinical trials for high-risk metabolic dysfunction-related fatty liver disease, has been announced. At the same time, progress has been made by Ole Marrai in unresectable adjuvant lung cancer treatment, exploring new approaches in combination with immunooncology drugs. Through business development, the company has also introduced new molecules and team members, expanding its research areas.

The company has strengthened its research and development projects in the fields of pain treatment, genetic drugs for cardiovascular diseases, and diabetes through acquisitions and independent research and development. This includes new Nav 1.8 inhibitors, genetic drugs targeting Pcsk 9 and NHP tail 3, as well as the promotion of the diabetes treatment drug Nio t-ray. At the same time, the company has also decided to terminate two projects with poor progress. With stable financial performance, the company is actively positioning itself in the future pharmaceutical market, and it is expected that new drugs will drive long-term growth.

The significant effects of Orphaglip in the treatment of obesity were discussed, including weight loss, improvements in biological markers such as blood pressure and blood lipids, and the convenience of being a single oral medication. The drug is currently being evaluated for use in diabetes, obstructive sleep apnea, and other diseases, while studying its role in maintenance therapy after weight loss medications, demonstrating a wide range of potential applications.

Discussed trends in future pricing environment, especially in the context of new drug launches and composite growth, and how to maintain market performance, particularly when considering the impact of drugs like semaglutide. Presented insights on composite growth and market strategies.

Discussed drug safety risks, especially the issue of patient misuse of medications, and emphasized the need for regulatory agencies to strengthen control to safeguard public health. Mentioned the strong growth of GLP-1 drugs in the market, and pricing strategies should be based on the value of drugs and cost savings to the healthcare system. Expressed ongoing support for consumer pricing, especially in the context of low insurance coverage for chronic diseases such as obesity, aiming to provide broader medical accessibility.

Discussed the distribution of gastrointestinal adverse events during treatment with GLP-1 agonists, pointing out that most adverse events occur at the beginning of treatment or when the dose is increased, and decrease over time. There were no specific patient characteristics found to be associated with a high rate of adverse events, which is consistent with previous studies on GLP-1 monotherapy and has no significant impact on commercial applications.

Discussed the impact of Canadian generic drugs on the market, especially on high-quality products like Trizetto, as well as the sensitivity of patients to prices. Analyzed the market pressure that generic drugs may still bring even after the closure of manual preparation channels, as well as the reality that products need to go through non-FDA regulatory review periods. Expressing concerns that the continued impact of Canadian generic drugs on the market may persist in the next six months.

The impact of Canadian genetics on the market was discussed, pointing out that in the self-payment market, the trading volume of Vile products continued to grow, especially reaching 1 million transactions in Q2. In addition, the recently launched Zebon high-dose product also performed well, with approximately 20% of transactions coming from cash payment markets. Overall, Zebon has captured about 65% market share in the new therapy launch, demonstrating its strong competitive edge and value in the market.

The discussion surveyed the relatively stable insurance coverage of weight loss medications by US employers since early 2024, with coverage rates maintained between 50% to 55%. Mention was made of new insurance designs, such as Evernote, which may streamline authorization processes and potentially increase employer coverage rates in the next six months. Looking ahead, as evidence accumulates and plan designs diversify, coverage is expected to gradually increase.

The conversation revolves around the latest research progress on obesity and diabetes treatment drugs, including the expected results of the Attain 2 study, comparison of side effects with previous studies, and discussion on the confidence in GLP-1 monotherapy and the advantages of dual agonists. The speaker emphasized the consistency of the research results and the treatment prospects, while pointing out possible differences in side effects among different patient groups, and expressed an optimistic attitude towards the potential of oral small molecule drugs in the field of obesity treatment.

The discussion focused on the balance of gender distribution in clinical trials, pointing out that in a specific study, the proportion of females was around 64%, and the gender distribution among groups was balanced, with no significant differences found.

The conversation focuses on the growth momentum of Lily Direct channel and its impact on pricing strategy, while also discussing the direct-to-consumer (DTC) model as a strategy to address drug price pressures. Lily Direct channel has shown strong growth and has become a key driver of the company's performance. Although initially viewed DTC as a transitional solution, given its role in meeting government requirements for drug pricing, the company is reevaluating its long-term value. The DTC model is not only seen as a hedging strategy, but also as a bridge to broader access to the employer market, demonstrating the company's flexibility and forward-thinking in channel strategy.

Discussed the efficacy differences of GLP-1 monotherapy in different trials, pointing out that while there are differences in the demand for ITT treatment, the overall effect is as expected. Considering safety and efficacy, the necessity of introducing the 45mg dose was discussed, emphasizing the complexity of cross-trial comparisons and their impact on practical application.

Discussed the latest trends in the injection market, especially the impact of the partnership with Cvs on the market, as well as the potential reasons for the abnormally high medication interruption rate, emphasizing the healthy trend of market growth and strategies for addressing the challenges brought by cooperation.

The conversation discussed the data on drug discontinuation rates, including the discontinuation rates of the placebo and treatment groups, as well as the incidence rate of adverse events. It was noted that these data were within expected ranges and showed no abnormalities. Subsequently, the discussion turned to considerations regarding the pricing strategy of the new product in the US and European markets, particularly in the case of lack of reimbursement in the European market, and the company's stance on maintaining price consistency.

The imbalance in global drug pricing was discussed, particularly the differences between the United States and Europe, and the need for balance to be achieved through policy adjustments and structural reforms was proposed. The importance of new drug launches as a transitional strategy was emphasized, as well as the necessity of gradual adjustments in the current market environment. At the same time, it was pointed out that European countries are unwilling to increase drug spending, and the United States needs to address the issues caused by high reimbursement rates in order to make progress in drug pricing.

The conversation revolves around the pharmaceutical company's plan to launch Ozempic through cash channels, discussing coverage and market opportunities, while also exploring strategies to meet market demands using cash channels.

Discussed strategies for achieving global drug price equalization through incremental adjustments and new product development, including increasing the reimbursement rate of drugs in Europe and improving the net drug price system in the United States, while also supporting the increase in price transparency through direct-to-consumer channels to promote long-term development of the industry.