Subject: What Lilly’s Earnings Call Just Revealed About the Future of Obesity Treatment
From: Dave Knapp from On The Pen <[email-masked]>
To: [email-masked]
Date: Thu, 30 Apr 2026 17:08:23 +0000
List-Id: <onthepen.substack.com>

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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