1、M UpdateEli Lilly&Co.|North AmericaMounjaro+Zepbound Script TrackerMounjaro TRx/NRx scripts for the week of 6/27/2025 were 588,900/302,300(vs.581,800/298,600 last week)per IQVIA data.Zepbound TRx/NRx scripts were 451,400/303,200(vs.423,900/289,300 last week).We see 13%upside to 2025 M+Z ests.We are

2、monitoring the launch of LLYs Mounjaro(tirzepatide)for type 2 diabetes(T2D),and Zepbound(tirzepatide)for obesity given these are the companys key product cycles.Total GLP-1 TRx(LLY+Novo)grew 41%yoy(see Exhibit 9 within).We are focused on Mounjaro+Zepbound impact on overall growth of the GLP-1 catego

3、ry(see Exhibit 6 within)and share dynamics(Exhibit 11).Total LLY GLP-1 franchise(Mounjaro+Trulicity+Zepbound)weekly NRx market share was 61%(vs.61%last week)-see Exhibit 18 within.Mounjaro+Trulicity+Zepbound TRx for the current week are 1,197,100 vs.1,163,300 the week prior(+2.9%w/w),which was the J

4、uneteenth holiday week.Mounjaro+Zepbound TRx for the current week are 1,040,300 vs.1,005,700 the week prior(+3.4%w/w).Zepbound vials:there were 104,300 vial scripts(vs.86,300 week prior).We caught up with LLY IR on June 24,ahead of 2Q EPS(Aug 7),on the Zepbound vial capture ratio for 2Q they highlig

5、hted that QTD vials are 20%of total TRx Zepbound scripts(vs.15.8%per IQVIA data and 10%in 1Q)-see HERE.They also noted that the IQVIA vial capture rate has been improving the last 2 weeks.There was nothing new to flag on inventory dynamics.Per this weeks data Zepbound vials represent 23%of Zepbound

6、total TRx.2Q25 US dynamics-Zepbound and Mounjaro are both tracking ahead of consensus using MS pricing assumptions.We provide 2 calculations-one where 2Q Zepbound autoinjector and Mounjaro price/TRx are higher than 1Q(which is what we model given typical annual pacing),and another more conservative