A：In 2025, Lily achieved robust revenue growth, advanced its pipeline, expanded its manufacturing footprint, and helped over 70 million people worldwide. Key product launches and indications were made, new markets were entered, positive clinical data was generated in over 25 Phase II trials, and 14 new Phase 3 programs were started. The company executed 39 business development transactions, announced plans for new manufacturing sites, and increased its manufacturing capacity.

A：Lily is investing in artificial intelligence to discover and develop new medicines, including a new collaboration with Nvidia to open a Co-Innovation AI Lab. The company also progressed its manufacturing expansion efforts, building new sites in the US and Europe and increasing manufacturing capacity with the production of medicines at new sites in Wisconsin and North Carolina. Since 2020, Lily has committed over $55 billion for manufacturing build-out, and announced an agreement with the US government for obesity medicines.

A：Key product performance updates include: Neuroscience - Kisanrao becoming the US market leader in amyloid targeting therapy, with revenue of $109 million driven by market growth and increased diagnosis of Alzheimer's disease. Immunology - Abilify achieving solid performance with a 25% increase in total prescriptions in atopic dermatitis. Cardiometabolic Health - Global sales of Jabari Cap grew 30%, and Manjaro expanded market leadership in the type 2 diabetes and c-tein market, ending the quarter with over 55% of new prescriptions.

A：For 2026, Lily expects revenue to be between $80 and $83 billion, representing an increase of 25% compared to 2025. Factors impacting the financial outlook include industry-leading volume growth of key products partially offset by lower realized prices, with a projected price drag in the low to mid-teens. Specific influences include government access agreements, Direct to Patient pricing, Medicaid prices, and the inclusion of Manjaro on China's National Reimbursement Drug List. Growth in the US and Canada is expected to continue, while new medical access to obesity medicines and reduced Medicaid access are also considered. Overall, the company anticipates a non-progressive tax rate between 46% and 47.5%, and despite challenges, expects earnings per share of between $33.50 and $35.00.

A：The Together PSA study demonstrated that the combination of exechia plus terzetti, compared to exochiko app alone, achieved its primary endpoint with a significant 64% relative increase in the proportion of patients achieving a 50% reduction in psoriatic arthritis symptoms.

A：The FDA approval of proto-brittonic with an expanded indication for treating adults with relapsed or refractory CLL Sll who have previously been treated with a Covalent Btk inhibitor may significantly increase the number of eligible patients and allow for the continuation of Btk inhibitors' use to control the disease longer.

A：The phase 3 perte, retinoblastoma study showed that ibrutinib improved progression-free survival by 80% compared to bendamustine plus rituximab in treatment-naive CLL patients. The CLL 313 study showed that ibrutinib, compared to a covalent Btk inhibitor, had a non-inferiority in overall response rate and trending progression-free survival benefits, especially in treatment-naive subpopulations.

A：The new data showed that the combination of ilumetri it with abema cycled in metastatic breast cancer provided additional benefit compared to inland estr alone, prompting a submission to regulators for the potential expansion of inland estr's use.

A：So feti Bart vivit, an agent targeting folate receptor alpha, could potentially benefit a broad population of patients with OVC cancer, regardless of folate receptor alpha expression level, and may offer improved tolerability compared to currently available antibody drug conjugates.

A：The new GLP-1 agonist may offer potential treatment for substance use disorders and psychiatric conditions, including a phase 3 trial for major depressive disorder. This includes exploring its potential to prevent relapse of disease in Alzheimer's disease through early intervention.

A：The 18 maintain trial showed that participants who switched from injectable GLP 1 therapy to orpha glyptodon maintained their previously achieved weight loss, with or for glyptodon demonstrating similar weight loss maintenance.

A：Updates include the submission of or four glip on to the FDA for treatment of obesity with approval expected in Q2, initiation of a cardiovascular outcomes trial for or four glip on, and initiation of a phase 3 trial for treatment of peripheral artery disease. New data showed that raitre, an incretin-based molecule, led to significant weight loss and improvements in pain and physical function in adults with obesity and knee osteoarthritis.

A：The company has built a substantial scientific leap in the field of obesity and aims to widen the distance through continued research and development (R&D).

A：Factors to evaluate the success of oraglitazar include market expansion, patient satisfaction with the profile of the medication, and overall patient satisfaction scores and real-world efficacy.

A：It is expected that osumead will be available in the first half of 2027 in international markets, with some markets getting approval late in 2026, and countries like the EU referencing FDA approval of Oge Pro.

A：Osumead is anticipated to be available in international markets mainly in the first half of 2027, with some exceptions for countries like the EU.

A：The company plans to focus on market expansion, driving more penetration through patient activation in chronic weight management and type 2 diabetes, and gaining reimbursement in more countries, while maintaining discipline in pricing.

A：The company's strategy involves investing a portion of the proceeds from the obesity opportunity into other promising areas like oncology and immunology to further accelerate growth, with ongoing trials and promising science in immunology.

A：The company expects access to Medicare for its medications to be granted no later than July 1, and while it may take time to build, the company is positive about the opportunity to bring anti-quebec medications to patients in Medicare, which could impact the revenue range.

A：It is expected that between 10% to 20% of Medicare patients currently in the direct business will move into the Medica space. This transition is anticipated to happen relatively fast and will continue to build over time, with more emphasis on the size of the opportunity in Medicare being considered through to 2027.

A：The practice of physicians prescribing this medicine is expected to become more natural and broad in the antibiotic realm. This will also influence how they think about prescribing it in the commercial space, leading to an impact on employers. There is a clear recognition of the class as a chronic disease, which will propel employers to consider this class of medicines for coverage as well.

A：Additional contract terms are being considered for commercial payers that include transparency in pricing and flexibility in design. The team is working with third parties to provide alternative access channels. Decisions from employers regarding coverage are anticipated to start showing positive effects later in the year and continue to increase over time, particularly by the back end of this year and into 2027.

A：The company is seeing an increase in the utilization of its obesity medications and believes that beyond weight, there are many comorbidities associated with obesity. This suggests that obesity medications could be a long-term differentiator for the company, impacting public health positively. The company's strategy includes expanding indications for its drugs, looking at obesity and its comorbidities, and exploring new areas for potential differentiation.

A：The company's current strategies involve expanding indications for obesity and related conditions by leveraging evidence that shows the benefits of obesity medications extend beyond just weight loss. They are looking at outcomes related to comorbidities and considering new areas for potential exploration such as stress urinary incontinence, peripheral artery disease, and hypertension. The company is balancing investment across established and emerging mechanisms of interest.

A：The company recognizes the importance of cash pay as a driver of growth and is contemplating the long-term implications in a highly competitive environment where brand loyalty is crucial, and traditional PBM contracts may not apply. The company has learned from its experiences internationally and in the U.S., particularly with the implementation of direct-to-consumer platforms like Lily Direct, which help address frictions in the system. The focus is on continuing to develop a consumer-centric approach and make the experience more seamless while growing access across different segments.

A：The study findings suggest a big opportunity for a lower leide in patients who cannot tolerate existing incontinence treatments, as 5% to 10% of patients tend to discontinue on the existing class, indicating a substantial market opening.

A：The company is exploring the combination of different mechanisms of action, specifically looking into combinations involving GIP plus GIP1 plus amylin, which are physiology constructs of three nutrient-stimulated hormones. They are testing various combinations in the clinic, including GIP agonist, macufe type with leide, to understand the optimal range of options.

A：The speaker notes several analogies between the CMS obesity pilot and the Part D senior savings model, such as arriving at a relatively low out-of-pocket expense for patients, consistent variance in out-of-pocket costs to avoid frustration with different amounts each month, the inclusivity of all innovators to allow doctors and patients to choose the best therapy, and the potential for the program to be effective by July 1.

A：The revenue guidance for 2026 suggests a significant increase from 2025, driven by factors such as the expansion of Medicare coverage, the launch of or pro, and continuation of growth in the U.S. market. The company is encouraged by the competitive pricing data and market expansion seen over the past four weeks. While there is potential cannibalization, the focus is on driving market growth rather than direct cannibalization, and the company does not expect meaningful cannibalization of the oral and injectable obesity product versus historical patterns observed with Novo.

A：The company is looking to reduce consumer friction, unlock the power of first-party data and marketing, create a platform and interface with consumers, and explore pricing opportunities, subscription models, and other ways to support a robust and deep pipeline. They aim to play with pricing models to improve the out-of-pocket business and enable direct discussions around consumer experiences.

A：The orpha launch is anticipated to be market-expansive, with high expectations for uptake and bringing new people to therapy for obesity. This is based on learning from previous launches, recognizing the larger market, and greater consumer and provider awareness in this space.