What Lilly’s Earnings Call Just Revealed About the Future of Obesity Treatment
What Lilly’s Earnings Call Just Revealed About the Future of Obesity Treatment
From: Dave Knapp from On The Pen
To: tjphuhs@gmail.com
Account: tjphuhs@gmail.com
Date: 4/30/2026, 1:08:23 PM
Gmail ID: 19ddf5e868e31dc9
Thread ID: 19ddf5e868e31dc9
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The System Isn't Expanding Obesity Treatment. Patient demand is. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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View this post on the web at https://onthepen.substack.com/p/what-lillys-earnings-call-just-revealed
There was a moment in this call for me where all of the incredibly impressive numbers stopped meaning much to me, and the structure underneath them started to matter a lot more.
Lilly reported $12.8 billion in combined revenue for Mounjaro and Zepbound, with prescriptions in the obesity market up more than 80%. What the slides add is just how dominant that position has become. Lilly now holds about 60% share of the U.S. incretin market, with the overall market itself still growing at roughly 30%. That means they are not just participating in growth. They are capturing most of it, despite the stellar launch of Novo’s Wegovy Pill...
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