LLY · Earnings call · 2026Q3T · Full report

Market Demand - Anti-Obesity

ELI LILLY & Co · 2026-10-29 · Importance 20 · Surprise 24

Lilly described a large potential market, with about 110 million people in the U.S. living with obesity or overweight and a substantially larger population internationally. Management expects patients to seek different treatments over time and is pursuing a portfolio strategy that gives them options and allows them to start, switch, or step up among Lilly medicines. It positioned Foundayo as an option for earlier weight loss or maintenance, tirzepatide as a cornerstone, retatrutide as a potential choice across different needs and subpopulations, selective amylin medicines as an additional pharmacological approach, and Olora-TZP as a more physiological weight-loss approach.

Key facts

• In TRANSCEND T2D 2, retatrutide produced 20% to 21% weight loss compared with 9.4% in the semaglutide arm.
• Olora-TZP produced 23.3% weight loss at 48 weeks in people with type 2 diabetes and obesity, 57% more than tirzepatide.
• U.S. prescriptions for obesity incretins grew 82% in Q3; approximately 6 in 10 total prescriptions and more than 7 in 10 injectable prescriptions were for Lilly medicines.
• Lilly described tirzepatide as a cornerstone of its obesity portfolio and said further evidence, including SURMOUNT-MMO, is expected very soon.
• Lilly said retatrutide is the first agent to show greater than 20% weight lowering in men and people with type 2 diabetes.
• Lilly said retatrutide may offer substantial weight-loss effects at higher doses, simplicity at lower doses, and differentiated responses in some subpopulations.
• Lilly said its selective amylin portfolio opens a new pharmacological axis and may provide incretin-like weight lowering with more placebo-like GI tolerability.
• Lilly described Olora-TZP as its most physiological approach to weight loss yet and said it could provide differentiated HbA1c lowering in people with type 2 diabetes.