禮來公司 (LLY) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lilly Q2 2026 earnings conference call. (Operator Instructions).

各位女士、先生，感謝您稍候，歡迎參加禮來 2026 年第二季（Q2）財報電話會議。（接線員指示）。

I would now like to turn the conference over to your host, Mike Czapar, Senior Vice President of Investor Relations. Please go ahead.

現在我想將會議交給本次主持人——投資人關係資深副總裁 Mike Czapar。請開始。

Good morning. Thank you for joining us for Eli Lilly and Company's Q2 2026 earnings call. I'm Mike Czapar, Senior Vice President of Investor Relations. Joining me on today's call are Dave Ricks, Lilly’s Chair and CEO ;Lucas Montarce, Chief Financial Officer; Dr. Dan Skovronsky, Chief Scientific and Product Officer; Adrienne Brown, President of Lilly Immunology; Dr. Carole Ho, President of Lilly Neuroscience; Ilya Yuffa, President of Lilly USA and Global Customer Capabilities; Jake Van Naarden, President of Lilly Oncology and Head of Business Development; Patrick Jonsson, President of Lilly International; and Ken Custer, President of Lilly Cardiometabolic Health.

早安。感謝各位參加禮來公司（Eli Lilly and Company）2026 年第二季財報電話會議。我是投資人關係資深副總裁 Mike Czapar。今天與我一同出席的有：禮來董事長兼執行長 Dave Ricks；財務長 Lucas Montarce；首席科學與產品長 Dan Skovronsky 博士；禮來免疫學總裁 Adrienne Brown；禮來神經科學總裁 Carole Ho 博士；禮來美國總裁暨全球客戶能力負責人 Ilya Yuffa；禮來腫瘤學總裁暨商務發展主管 Jake Van Naarden；禮來國際總裁 Patrick Jonsson；以及禮來心臟代謝健康總裁 Ken Custer。

During this call, we anticipate making projections and forward-looking statements based on our current expectations. Our actual results could differ materially due to various factors, including those listed on slide 4. Additional information concerning factors that could cause actual results to differ materially is contained in our latest Form 10-K and subsequent filings with the SEC. The information we provide about our products and pipeline is for the benefit of the investment community. It is not intended to be promotional or otherwise influence prescribing decisions. Our commentary today will focus on our non-GAAP financial measures.

在本次電話會議中，我們預期將基於目前的預期提出預測與前瞻性陳述。由於多項因素，我們的實際結果可能與之存在重大差異，包括投影片第 4 頁所列因素。關於可能導致實際結果出現重大差異之因素的更多資訊，載於我們最新的 Form 10-K 以及其後向美國證券交易委員會（SEC）提交的文件中。我們所提供的產品與研發管線資訊係為投資社群之利益而提供。其目的並非用於促銷或以其他方式影響處方決策。我們今天的評論將聚焦於非 GAAP 財務衡量指標。

Now I'll turn the call over to Dave.

現在我把電話交給 Dave。

Thanks, Mike. Q2 continued Lilly's strong momentum. We delivered robust revenue across all key products and major geographies. We raised our full year guidance, advanced our pipeline across each of our therapeutic areas and expanded our pipeline through business development. On slide 5, we list key Q2 financial metrics and highlight progress related to our strategic deliverables.

謝謝你，Mike。第二季延續了禮來的強勁動能。我們在所有關鍵產品與主要地區都實現了強勁營收表現。我們上調了全年財測指引，推進了各治療領域的研發管線，並透過商務發展擴充了管線。在投影片第 5 頁，我們列出第二季的關鍵財務指標，並重點說明與策略交付項目相關的進展。

Revenue grew 48% compared to Q2 2025, and our key products increased by almost $6.8 billion. Within key products, our oncology, immunology and neuroscience medicines collectively grew 121% compared to the same quarter last year as we continue to expand our presence across the portfolio. The number of people taking incretins grew, and Lilly's portfolio of medicines extended its leadership position. The US Foundayo launch continued to build momentum. After educating physicians and securing commercial access across all three major PBMs in June, we began broad direct-to-consumer marketing to raise consumer awareness.

營收較 2025 年第二季成長 48%，我們的關鍵產品合計增加近 68 億美元。在關鍵產品中，腫瘤、免疫與神經科學藥品合計較去年同期成長 121%，我們持續擴大在整體產品組合中的布局。使用腸泌素（incretins）的人數增加，禮來的藥品組合進一步鞏固其領導地位。Foundayo 在美國的上市持續累積動能。在 6 月完成醫師教育並取得三大 PBM 的商業給付准入後，我們開始大規模的直接面向消費者（DTC）行銷，以提升消費者認知。

We completed the U.S. submission of Foundayo for type 2 diabetes and expect regulatory action later this year. We launched Foundayo for obesity in the UAE, and we recently received approval in Saudi Arabia for obesity and in Mexico for obesity and Type 2 diabetes. Early uptake in the UAE has been encouraging, demonstrating the pent-up demand for Foundayo to treat obesity outside the US. Foundayo is under regulatory review in over 40 additional countries and we look forward to additional approvals beginning in select markets later this year.

我們已完成 Foundayo 用於第二型糖尿病的美國送件，並預期監管機關將於今年稍晚採取行動。我們已在阿聯酋推出 Foundayo 用於肥胖症，且近期在沙烏地阿拉伯取得肥胖症適應症核准，並在墨西哥取得肥胖症與第二型糖尿病適應症核准。阿聯酋的早期使用情況令人鼓舞，顯示美國以外市場對 Foundayo 治療肥胖症存在被壓抑的需求。Foundayo 目前在另外超過 40 個國家接受監管審查，我們期待自今年稍晚起在部分市場陸續取得更多核准。

We also achieved several key pipeline and regulatory milestones since our last call, including the US FDA approval of EBGLYSS for maintenance dosing once every 8 weeks in atopic dermatitis, the EU approval for Jaypirca in CLL across all lines of therapy, a positive CHMP opinion in the EU for insulin efsitora alfa for type 2 diabetes under the trade name, Onswik and positive top line results in three Phase 3 retatrutide trials in obesity.

自上次電話會議以來，我們也達成多項關鍵研發管線與監管里程碑，包括：美國 FDA 核准 EBGLYSS 用於異位性皮膚炎每 8 週一次的維持劑量；歐盟核准 Jaypirca 用於 CLL 且涵蓋所有治療線別；歐盟 CHMP 對第二型糖尿病用胰島素 efsitora alfa（商品名 Onswik）給予正面意見；以及三項肥胖症 retatrutide 第三期試驗取得正向主要結果。

We added to our strong internal pipeline through business development, announcing agreements to acquire multiple companies to expand our presence in emerging therapeutic areas, including Curevo, LimmaTech Biologics and Vaccine Company, building a platform of potential new medicines to prevent infectious disease and its downstream complications;and AtaiBeckley, a company developing novel treatments for treatment-resistant depression and other mental conditions.

我們也透過商務發展為強大的內部研發管線再添動能，宣布協議收購多家公司，以擴大我們在新興治療領域的布局，包括 Curevo、LimmaTech Biologics and Vaccine Company，建立一個具潛力的新藥平台，用於預防傳染病及其後續併發症；以及 AtaiBeckley——一家開發治療難治型憂鬱症及其他精神疾病之創新療法的公司。

We continued our manufacturing build-out and opened our first dedicated genetic medicine manufacturing facility in Lebanon, Indiana. We also produced the first batch of commercial material at our new manufacturing site in Limerick, Ireland. We distributed $1.5 billion in dividends in the second quarter and executed $1.6 billion of share repurchases.

我們持續擴建製造能力，並在印第安納州黎巴嫩市（Lebanon）啟用首座專用的基因藥物製造設施。我們也在愛爾蘭利默里克（Limerick）的新製造基地生產出第一批商業用物料。第二季我們發放 15 億美元股利，並執行 16 億美元庫藏股回購。

Lastly, in partnership with the US government, we reached an important milestone to improve Medicare access to anti-obesity medicines. As shown on slide 6, the Medicare GLP-1 Bridge program launched on July 1, granting 20 million eligible Americans insurance coverage for GLP-1s for obesity at the low out-of-pocket price of $50 per month. With this expansion, 35% more people now have coverage for our obesity medicines in the United States.While still early, feedback from patients and physicians has been quite positive.

最後，與美國政府合作下，我們達成一項重要里程碑，以改善 Medicare 對抗肥胖藥物的可近性。如投影片第 6 頁所示，Medicare GLP-1 Bridge 計畫於 7 月 1 日啟動，讓 2,000 萬名符合資格的美國人可獲得針對肥胖症之 GLP-1 藥物保險給付，且自付額低至每月 50 美元。隨著此一擴大措施，美國目前有保險涵蓋我們肥胖症藥物的人數增加了 35%。雖然仍在早期階段，但病患與醫師的回饋相當正面。

We'll soon be publishing our annual sustainability report at sustainability.lilly.com, showing the progress we made in 2025 on our sustainability priorities. Notably, we reached approximately 40 million people in resource-limited settings, exceeding our original goal of reaching 30 million by 2030. We are now developing a new commitment to address the growing burden of diabetes and obesity in resource-limited settings worldwide, and we'll share more details later this year.

我們將於近期在 sustainability.lilly.com 發布年度永續報告，呈現我們在 2025 年於永續優先事項上的進展。值得注意的是，我們在資源受限環境中觸及約 4,000 萬人，已超越原先設定於 2030 年前觸及 3,000 萬人的目標。我們目前正制定新的承諾，以因應全球資源受限地區日益加重的糖尿病與肥胖負擔，並將於今年稍晚分享更多細節。

Now I'll turn the call over to Lucas to review our Q2 results.

現在我把電話交給 Lucas，請他回顧我們第二季的業績。

Thanks, Dave. As shown on slide 7, Q2 was another strong quarter of financial performance. Revenue grew 48% compared to Q2 2025, driven by Zepbound and Mounjaro with strong momentum across all therapeutic areas and geographies. Gross margin as a percentage of revenue was 86.3% in Q2, an increase of approximately 1.3 percentage points versus the same quarter last year. The change was driven primarily by favorable product mix and improved cost of production, partially offset by lower realized prices

謝謝你，Dave。如投影片第 7 頁所示，第二季再度呈現強勁的財務表現。營收較 2025 年第二季成長 48%，主要由 Zepbound 與 Mounjaro 帶動，且在所有治療領域與地區均展現強勁動能。第二季毛利率（占營收比重）為 86.3%，較去年同期提高約 1.3 個百分點。此變動主要由有利的產品組合與生產成本改善所驅動，但部分被較低的實現價格所抵銷。

Marketing, selling and administrative expenses increased 25%, as we invested in promotional activities to support current and planned product launches. R&D expenses increased 14%, driven by continued investment in our pipeline, including more than 40 active Phase 3 programs. Our non-GAAP performance margin was 54.8%, an increase of 9 percentage points from Q2 2025, driven by revenue growth. Non-GAAP earnings per share were $8.38, including acquired IPR&D charges of $3.03.This compares to earnings per share of $6.31 in Q2 2025, inclusive of $0.14 of acquired IPR&D charges.

行銷、銷售與管理費用增加 25%，因我們投入促銷活動以支持現有及規劃中的產品上市。研發費用增加 14%，主要因持續投資研發管線所致，其中包括超過 40 項進行中的第三期計畫。我們的非 GAAP 營運利潤率為 54.8%，較 2025 年第二季提高 9 個百分點，主要由營收成長帶動。非 GAAP 每股盈餘為 8.38 美元，其中包含收購取得之進行中研發（IPR&D）費用 3.03 美元。相較之下，2025 年第二季每股盈餘為 6.31 美元，其中包含 0.14 美元的收購 IPR&D 費用。

On slide 8, we quantify the effect of price, rate and volume on revenue growth. US revenue increased 33% in Q2, primarily driven by volume growth from Zepbound and Mounjaro, as well as contributions from our immunology, oncology and neuroscience portfolio. US price declined by 3%, driven by Zepbound and Mounjaro.In Q2, US price benefited from a change to estimates for rebates and discounts. Excluding these adjustments, US price declined by 9%. Europe revenue grew 55% in constant currency, driven by sustained strong volume growth of Mounjaro. Europe revenue also benefited from a $250 million Jardiance milestone payment.

在投影片第 8 頁，我們量化價格、匯率與銷量對營收成長的影響。第二季美國營收增加 33%，主要由 Zepbound 與 Mounjaro 的銷量成長所帶動，並受益於我們免疫、腫瘤與神經科學產品組合的貢獻。美國價格下滑 3%，主要由 Zepbound 與 Mounjaro 所致。第二季美國價格亦受益於對回扣與折扣估計值的調整。若排除這些調整，美國價格下滑 9%。歐洲營收以固定匯率計成長 55%，主要由 Mounjaro 持續強勁的銷量成長所帶動。歐洲營收亦受益於 Jardiance 2.5 億美元的里程碑款項。

In Japan, revenue grew 30% in constant currency, driven by Mounjaro and Kisunla. In China, revenue grew by 93% in constant currency, driven by the uptake of Mounjaro. In the rest of the world, revenue grew 136% in constant currency, driven by Mounjaro, primarily in Latin America and Asia.

在日本，以固定匯率計算，營收成長30%，主要由 Mounjaro 與 Kisunla 帶動。在中國，以固定匯率計算，營收成長93%，主要由 Mounjaro 的採用增加所帶動。在世界其他地區，以固定匯率計算，營收成長136%，主要由 Mounjaro 帶動，主要發生在拉丁美洲與亞洲。

On slide 9, we provide an update on the performance of our key products. Within immunology, EBGLYSS worldwide sales more than doubled compared to Q2 2025. In the US, EBGLYSS continued to gain share of new prescriptions, increasing by approximately 4 percentage points in the specialty dermatology market since last year.

在第9張投影片中，我們提供關鍵產品表現的最新進展。在免疫學領域，EBGLYSS 的全球銷售額較2025年第二季增加逾一倍。在美國，EBGLYSS 持續提升新處方市占，自去年以來在專科皮膚科市場約增加4個百分點。

In oncology, Jaypirca had another strong quarter of growth, and worldwide sales increased 56% compared to Q2 2025. As we continue to generate positive clinical trial data and expand the label, we believe Jaypirca has the potential to be a foundational therapy across multiple settings and regimens within CLL.

在腫瘤學領域，Jaypirca 再度迎來強勁的成長季度，全球銷售額較2025年第二季增加56%。隨著我們持續產出正向的臨床試驗數據並擴大適應症標籤，我們相信 Jaypirca 有潛力成為 CLL 多種治療情境與療程中的基礎性治療。

Inluriyo continued strong uptake in the metastatic breast cancer oral SERD market. After only two full quarters, Inluriyo is the US leader in new prescriptions with more than 50% share. We look forward to the readout of EMBER-4 in the adjuvant setting to see if Inluriyo can help even more people with breast cancer.

Inluriyo 在轉移性乳癌口服 SERD 市場持續快速被採用。僅經過兩個完整季度，Inluriyo 已成為美國新處方的領導者，市占率超過50%。我們期待在輔助治療（adjuvant）情境下 EMBER-4 的結果揭盲，以了解 Inluriyo 是否能幫助更多乳癌患者。

In neuroscience, Kisunla posted strong revenue growth, expanding its leadership position in the US anti-amyloid targeted therapy market. Diagnostic testing momentum also continued to build, and the number of P-tau217 blood tests more than doubled compared to Q2 2025. This is translating to more people being diagnosed with Alzheimer's disease and accessing treatment. Outside the US, solid performance in China and Japan contributed to growth as well. Finally, in cardiometabolic growth, Mounjaro and Zepbound had another strong quarter, combining for $14.9 billion of revenue and contributing $6.3 billion of growth compared to Q2 2025.

在神經科學領域，Kisunla 營收強勁成長，並擴大其在美國抗類澱粉蛋白標靶治療市場的領先地位。診斷檢測的動能也持續增強，P-tau217 血液檢測數量較2025年第二季增加逾一倍。這正轉化為更多人被診斷為阿茲海默症並取得治療。在美國以外，中國與日本的穩健表現也對成長有所貢獻。最後，在心代謝成長方面，Mounjaro 與 Zepbound 再度繳出強勁季度表現，合計營收達149億美元，較2025年第二季增加63億美元的成長貢獻。

As seen on slide 10, total prescriptions in the US incretin analogs market grew 31% compared to Q2 2025. The early uptick of oral GLP-1s has been encouraging, expanding the market of people who are taking incretin therapy. Additionally, injectable incretins continue to be an important growth driver, and account for three out of four new patient starts. Within the US, incretin analogs obesity market, total prescriptions grew by 78% in Q2, and the Lilly anti-obesity portfolio continues to lead.

如第10張投影片所示，美國腸泌素類似物（incretin analogs）市場的總處方量較2025年第二季成長31%。口服 GLP-1 的早期上升趨勢令人鼓舞，擴大了正在接受腸泌素治療的人群市場。此外，注射型腸泌素仍是重要的成長驅動因素，並占四分之三的新病患起始用藥。在美國腸泌素類似物減重市場中，第二季總處方量成長78%，Lilly 的抗肥胖產品組合持續領先。

In Q2, approximately 6 out of 10 total prescriptions and approximately 7 out of 10 injectable prescriptions were for all Lilly medicine. Self-pay continued to be an important segment within obesity and accounted for approximately 45% of total Zepbound prescriptions in Q2 and approximately 55% of new prescriptions.

第二季，約每10張總處方中有6張、以及約每10張注射處方中有7張，皆為 Lilly 的藥品。自費（self-pay）在肥胖領域仍是重要區隔，第二季約占 Zepbound 總處方的45%，並約占新處方的55%。

In the US, Type 2 diabetes incretin analog market, total prescriptions grew 9% compared to Q2 2025, reflecting a more mature market compared to obesity. The Lilly portfolio continues to lead here as well, as more than 6 out of 10 prescriptions for an incretin were for a Lilly medicine.

在美國第二型糖尿病腸泌素類似物市場中，總處方量較2025年第二季成長9%，反映該市場相較於肥胖市場更為成熟。Lilly 的產品組合在此同樣持續領先，因為每10張腸泌素處方中有超過6張為 Lilly 的藥品。

Outside the US, Lilly's portfolio is also performing well in the incretin analogs market. Slide 11 shows aggregate trends in the international incretin analogs market, which has increased by 74% since the same period last year as measured by IQVIA gross sales. Lilly is the global market leader, and we strengthened that position, gaining almost 2 percentage points of share compared to Q1 2026 reaching approximately 55%. Mounjaro Q2 revenue growth was robust, driven by China, Korea, Germany, the UK and Mexico. We expect continued strong performance outside the US, but with market share leadership already established, market expansion will be key to driving sustainable growth.

在美國以外，Lilly 的產品組合在腸泌素類似物市場也表現良好。第11張投影片顯示國際腸泌素類似物市場的整體趨勢，依 IQVIA 總銷售額衡量，較去年同期增加74%。Lilly 為全球市場領導者，且我們強化了該地位，較2026年第一季市占提升近2個百分點，達到約55%。Mounjaro 第二季營收成長強勁，主要由中國、韓國、德國、英國與墨西哥帶動。我們預期美國以外市場將持續強勁表現，但在市占領先地位已建立的情況下，市場擴張將是推動可持續成長的關鍵。

We also saw incremental progress on securing reimbursed access, as Mounjaro is now reimbursed for both Type 2 diabetes and obesity in France. Slide 12 provides an update on the Foundayo launch and the cadence of anticipated upcoming catalysts. The US launch is progressing well. Total prescriptions and share of new patients continue to grow, as we are increasing our investment to drive brand awareness among physicians and consumers.

我們在爭取給付准入方面也取得進一步進展，Mounjaro 現已在法國同時獲得第二型糖尿病與肥胖的給付。第12張投影片提供 Foundayo 上市進展與預期即將到來的催化劑節奏更新。美國上市進展順利。總處方量與新病患占比持續成長，因我們正加大投資以提升醫師與消費者的品牌認知。

The recent launch of the Medicare GLP-1 Bridge program is an opportunity to expand the oral market, unlocking access for eligible seniors with a low out-of-pocket cost. We are pleased to receive the first international approvals for obesity in UAE and Saudi Arabia, and in Mexico for obesity and Type 2 diabetes. We look forward to potential approvals in additional markets this year. With more than 40 markets currently under regulatory review, we expect a global rollout in all major markets in 2027.

近期推出的 Medicare GLP-1 Bridge 計畫提供擴大口服市場的機會，讓符合資格的高齡者以較低自付額取得用藥。我們很高興在阿聯酋與沙烏地阿拉伯取得肥胖的首批國際核准，並在墨西哥取得肥胖與第二型糖尿病的核准。我們期待今年在更多市場獲得潛在核准。目前有超過40個市場正處於法規審查中，我們預期將於2027年在所有主要市場完成全球推廣。

We also expect readouts of many additional clinical trials. The first readout, in obstructive sleep apnea, will come later this year, and we have an additional five ongoing Phase 3 programs studying Foundayo. As a small molecule that can be produced at scale, Foundayo has the potential to help millions of people improve their cardiometabolic health.

我們也預期將有更多臨床試驗結果揭曉。首個結果將於今年稍晚在阻塞性睡眠呼吸中止症（obstructive sleep apnea）適應症公布，此外我們還有另外五項正在進行的第三期計畫研究 Foundayo。作為可規模化生產的小分子藥物，Foundayo 有潛力協助數百萬人改善其心代謝健康。

Moving to slide 14, we provide an updated 2026 financial guide. We have increased the low end of our revenue range by $3 billion, and the high end by $2 billion, reflecting strong underlying performance of our key products in the first half of 2026. We now expect full year revenue to be between $85 billion and $87 billion. Based on higher revenue, we now expect our non-GAAP performance margin to be between 49% and 50.5% an increase of 2 percentage points at the low and the high end of the performance margin range.

接著看第14張投影片，我們提供更新後的2026年財務指引。我們將營收區間下限上調30億美元、上限上調20億美元，反映2026年上半年關鍵產品的強勁基本面表現。我們目前預期全年營收介於850億至870億美元。基於更高的營收，我們目前預期非 GAAP 營運績效利潤率介於49%至50.5%，在利潤率區間的低端與高端皆上調2個百分點。

We now expect non-GAAP earnings per share of $35.50 to $36.50, an increase of $2.78 per share at the midpoint of our range before updating our guidance for the $3.03 impact of Q2 acquired IPR&D charges. We are pleased with our Q2 results and confident in our ability to deliver another year of industry-leading growth.

我們目前預期非 GAAP 每股盈餘為35.50至36.50美元；在納入第二季收購 IPR&D 費用影響3.03美元之前，我們區間中點較先前指引上調每股2.78美元。我們對第二季結果感到滿意，並對我們再度交出業界領先成長的一年充滿信心。

Now I will turn the call over to Dan to highlight our progress on R&D.

現在我將把電話會議交給 Dan，請他重點說明我們在研發方面的進展。

Thanks, Lucas. Since our last earnings call, we've made significant progress across R&D with advances in each major therapeutic area. I'll begin with cardiometabolic health. Starting with retatrutide, we announced positive results from three Phase 3 trials: TRIUMPH 1 in people with obesity, TRIUMPH 2 in people with Type 2 diabetes and obesity or overweight and TRIUMPH 3 in people with severe obesity and established cardiovascular disease with or without Type 2 diabetes.

謝謝你，Lucas。自上次財報電話會議以來，我們在研發方面於各主要治療領域皆取得顯著進展。我將先從心代謝健康談起。以 retatrutide 為例，我們公布了三項第三期試驗的正向結果：TRIUMPH 1（肥胖族群）、TRIUMPH 2（第二型糖尿病且肥胖或過重族群）以及 TRIUMPH 3（重度肥胖且已確立心血管疾病、伴隨或不伴隨第二型糖尿病族群）。

Across the TRIUMPH program, we've seen profound levels of weight loss and improvements in A1C, cardiovascular risk factors, osteoarthritis pain and sleep apnea. With the recent completion of TRIUMPH 2 and TRIUMPH 3 trials, we now have the clinical data package to support global registrations in obesity, obstructive sleep apnea and knee osteoarthritis pain.

在 TRIUMPH 計畫中，我們已看到顯著的減重幅度，以及 A1C、心血管風險因子、骨關節炎疼痛與睡眠呼吸中止症的改善。隨著 TRIUMPH 2 與 TRIUMPH 3 試驗近期完成，我們現在已具備臨床資料套件，可支持在肥胖、阻塞性睡眠呼吸中止症與膝骨關節炎疼痛等適應症的全球註冊申請。

Slide 15 shows impressive and consistent weight loss across the TRIUMPH registrational program. In TRIUMPH 1, we saw weight loss approaching bariatric surgery levels at the highest doses, and clinically meaningful efficacy at low doses with only one titration step.

投影片 15 顯示在 TRIUMPH 註冊性計畫中一致且令人印象深刻的減重效果。在 TRIUMPH 1 中，我們在最高劑量下觀察到接近減重手術等級的體重下降；而在低劑量下僅需一次劑量遞增步驟，即可達到具臨床意義的療效。

In patients with diabetes and obesity, who typically struggle to lose weight, retatrutide delivered a magnitude of weight loss not previously seen with incretin therapy. We look forward to working with regulators as they evaluate this important new medicine and plan to submit in the US in quarter one 2027 under the BLA pathway.

在同時患有糖尿病與肥胖、通常難以減重的患者中，retatrutide 帶來了以往在腸泌素（incretin）療法中未曾見過的減重幅度。我們期待與監管機關合作，在其評估這項重要新藥之際，並計畫於 2027 年第一季依 BLA 途徑在美國提交申請。

Turning to orforglipron, wehave completed our US submission in type 2 diabetes, supported by the ACHIEVE Phase 3 program. In June, we presented detailed results from three of those trials, ACHIEVE 2, ACHIEVE 3 and ACHIEVE 5 at the American Diabetes Association Scientific Sessions. ACHIEVE 3 was the first head-to-head comparison of two oral GLP-1s, and orforglipron delivered superior glycemic control and weight reduction against 7 milligrams and 14 milligram oral semaglutide in patients with Type 2 diabetes. For the many people with Type 2 diabetes who prefer an oral option and have difficulty reaching their glycemic targets, we believe orforglipron has the potential to be a foundational daily oral treatment.

談到 orforglipron，我們已完成其在第二型糖尿病的美國送件，並由 ACHIEVE 第 3 期計畫支持。6 月，我們在美國糖尿病學會（ADA）科學年會上，發表其中三項試驗（ACHIEVE 2、ACHIEVE 3 與 ACHIEVE 5）的詳細結果。ACHIEVE 3 是首個兩種口服 GLP-1 的頭對頭比較；在第二型糖尿病患者中，orforglipron 相較於 7 毫克與 14 毫克口服 semaglutide，展現更優異的血糖控制與體重下降。對於許多偏好口服選項且難以達成血糖目標的第二型糖尿病患者，我們相信 orforglipron 有潛力成為每日口服的基礎治療。

Also in cardiometabolic health, the CHMP adopted a positive opinion, recommending EU approval of insulin efsitora alfa for patients with Type 2 diabetes. The opinion was based on the QWINT Phase 3 program, were once weekly insulin efsitora alfa achieved reductions in A1C comparable to those of once-daily basal insulin. For people with Type 2 diabetes who require insulin, a single weekly injection can simplify treatment and ease the burden of daily dosing. We look forward to European approval in the coming months.

同樣在心代謝健康領域，CHMP 採納正面意見，建議歐盟核准 insulin efsitora alfa 用於第二型糖尿病患者。該意見基於 QWINT 第 3 期計畫，其中每週一次的 insulin efsitora alfa 在 A1C 降幅上可達到與每日一次基礎胰島素相當的效果。對需要胰島素治療的第二型糖尿病患者而言，每週一次注射可簡化治療並減輕每日給藥負擔。我們期待在未來數月內獲得歐洲核准。

We also shared clinical results from VERVE-102. Our gene editing program in cardiovascular disease designed to inactivate the PCSK9 gene, resulting in lowered LDL cholesterol. In the Phase 1b study, a single infusion reduced PCSK9 by 88% and LDL cholesterol by 62% at the highest dose. These early data are encouraging and suggest that we may be able to have a medicine delivered once for a lasting cardiovascular benefit.

我們也分享了 VERVE-102 的臨床結果。這是我們在心血管疾病的基因編輯計畫，旨在使 PCSK9 基因失活，從而降低 LDL 膽固醇。在第 1b 期研究中，單次輸注在最高劑量下使 PCSK9 降低 88%，並使 LDL 膽固醇降低 62%。這些早期數據令人鼓舞，顯示我們或許能夠提供一次給藥、帶來持久心血管效益的藥物。

Moving to neuroscience, we announced an agreement to acquire AtaiBeckley, which is advancing a pipeline of rapid-acting neuroplastogens for treatment-resistant depression and other mental health conditions. The lead asset, BPL-003, has shown encouraging Phase 2b results. This remains one of the most significant unmet needs in psychiatry, and we're encouraged by the potential of a rapid-acting therapy designed to deliver durable relief. We look forward to welcoming the AtaiBeckley team to Lilly.

轉向神經科學，我們宣布達成協議收購 AtaiBeckley，該公司正推進一系列速效型神經可塑性促進劑（neuroplastogens）管線，用於治療難治型憂鬱症及其他心理健康疾病。其主力資產 BPL-003 已展現令人鼓舞的第 2b 期結果。這仍是精神醫學中最重大的未被滿足需求之一；我們對一種旨在提供持久緩解的速效療法之潛力感到振奮。我們期待歡迎 AtaiBeckley 團隊加入 Lilly。

With the Centessa acquisition now complete, we added cleminorexton to the pipeline in Phase 2. Cleminorexton is the potential best-in-class orexin receptor 2 agonist being studied in a Phase 2/3 trial in central hypersomnias. Orexin biology plays an important role in regulating the sleep-wake cycle, and sleep disorders are associated with many neurological, neurodegenerative and neuropsychiatric conditions. We believe with this Centessa pipeline we may have the potential to treat a broad range of diseases.

隨著 Centessa 收購案現已完成，我們將 cleminorexton 納入第 2 期研發管線。Cleminorexton 是具潛力的同類最佳 orexin 受體 2 致效劑，目前正於中樞性嗜睡症的第 2/3 期試驗中研究。Orexin 生物學在調節睡眠—覺醒週期中扮演重要角色，而睡眠障礙與多種神經、神經退化及神經精神疾病相關。我們相信，透過這項 Centessa 管線，我們可能具備治療廣泛疾病的潛力。

Turning to oncology, we recently presented detailed Phase 3 results from BRUIN CLL-322 at the 2026 EHA meeting, which added pirtobrutinib to a time-limited venetoclax and rituximab regimen in previously treated CLL. As shown on slide 16, in the overall study population adding pirtobrutinib reduced the risk of disease progression or death by 45% compared to the fixed duration regimen.

轉向腫瘤學，我們近期在 2026 年 EHA 會議上發表 BRUIN CLL-322 的第 3 期詳細結果；該研究在既往治療過的 CLL 患者中，於限期的 venetoclax 與 rituximab 治療方案中加入 pirtobrutinib。如投影片 16 所示，在整體研究族群中，相較於固定療程方案，加入 pirtobrutinib 可將疾病進展或死亡風險降低 45%。

Additionally, in patients whose disease progressed after treatment with one prior covalent BTK inhibitor, adding pirtobrutinib to the fixed duration regimen led to a 68% reduction in the risk of progression or death. These results are the first to outperform a venetoclax containing control arm in a CLL Phase 3 trial. We believe this study has the potential to establish a new standard of care in this population and have submitted these data to global regulatory authorities.

此外，在曾接受一種既往共價型 BTK 抑制劑治療後仍出現疾病進展的患者中，於固定療程方案中加入 pirtobrutinib，使進展或死亡風險降低 68%。這些結果是首度在 CLL 第 3 期試驗中，表現優於含 venetoclax 的對照組治療臂。我們相信此研究有潛力在此族群建立新的照護標準，並已將這些數據提交全球監管機關。

Also in oncology, we shared impressive new data from the LIBRETTO-432 Phase 3 trial of selpercatinib in adjuvant RET fusion-positive non-small cell lung cancer. These results were presented during the plenary session at the 2026 ASCO meeting and showed that selpercatinib reduced the risk of disease recurrence or death by 83% versus placebo. This striking effect size highlights the efficacy that can be achieved by targeted therapies and underscores the importance of comprehensive biomarker testing across all stages of disease.

同樣在腫瘤學領域，我們分享了 LIBRETTO-432 第 3 期試驗中 selpercatinib 用於輔助治療 RET 融合陽性非小細胞肺癌的令人印象深刻新數據。這些結果於 2026 年 ASCO 年會全體會議（plenary session）中發表，顯示相較安慰劑，selpercatinib 可將疾病復發或死亡風險降低 83%。如此顯著的效果量凸顯標靶治療可達成的療效，並強調在疾病各期進行全面性生物標記檢測的重要性。

We are also excited by the encouraging data presented at medical meetings from two recently acquired hematology programs: AJ1-11095, a Type 2 JAK inhibitor from Ajax Therapeutics and KLN-1010, an in vivo CAR T therapy from Kelonia Therapeutics. Both programs demonstrated compelling early efficacy and safety, and we look forward to progressing both through clinical development alongside the teams from Ajax and Kelonia.

我們也對近期收購的兩項血液學計畫在醫學會議上發表的鼓舞數據感到振奮：來自 Ajax Therapeutics 的第 2 型 JAK 抑制劑 AJ1-11095，以及來自 Kelonia Therapeutics 的體內（in vivo）CAR T 療法 KLN-1010。兩項計畫皆展現具說服力的早期療效與安全性；我們期待與 Ajax 與 Kelonia 團隊攜手，推進兩者的臨床開發。

Moving to immunology, the FDA approved a new maintenance dosing regimen option for lebrikizumab, giving patients with atopic dermatitis and the option to manage their condition with as few as six maintenance injections per year. The potential to deliver sustained disease control with greater convenience has been well received by physicians and patients, reinforcing the strong and durable effect of lebrikizumab.

轉向免疫學，FDA 核准 lebrikizumab 一項新的維持劑量給藥方案選擇，使異位性皮膚炎患者可選擇每年最少僅需 6 次維持注射來管理病情。以更高便利性提供持續疾病控制的潛力，已獲醫師與患者良好回饋，進一步強化 lebrikizumab 強勁且持久的效果。

With our partner, Almirall, we're exploring even less frequent dosing once 12 weeks. These data are expected in 2027. We're also working to bring lebrikizumab to more patients. Based on the positive Phase 3 results in children 6 months to 18 years old in the ADorable trial program, we submitted for a pediatric atopic dermatitis indication in the US, and plan to submit to other global regulators later this year.

我們與合作夥伴 Almirall 正在探索更低頻率的給藥方式，即每 12 週一次。預計於 2027 年取得相關數據。我們也正努力讓更多患者能使用 lebrikizumab。基於 ADorable 試驗計畫在 6 個月至 18 歲兒童的第 3 期正面結果，我們已在美國提交兒科異位性皮膚炎適應症申請，並計畫於今年稍晚向其他全球監管機關提交。

We also continue to expand our study of incretin biology into new settings and initiated two Phase 2 trials of brenipatide our GIP/GLP-1 dual agonist, in irritable bowel syndrome. Irritable bowel syndrome is a disorder of gut brain interaction defined by heightened visceral pain sensitivity and disordered intestinal motility.

我們也持續將腸泌素（incretin）生物學研究拓展至新情境，並啟動兩項第 2 期試驗，評估 brenipatide（我們的 GIP/GLP-1 雙重致效劑）用於腸躁症。腸躁症是一種腸—腦互動障礙，其特徵為內臟疼痛敏感性升高與腸道蠕動失調。

Incretin pathway signaling has been shown to reduce visceral pain sensitivity, modulate gut motility and help restore the intestinal barrier. We also began a Phase 2 trial of our FXR agonist in combination with mirikizumab in Crohn's disease, and a Phase 2 trial of our XCL1/2 antibody in Vitiligo.

已顯示腸泌素（incretin）途徑訊號傳導可降低內臟疼痛敏感度、調節腸道蠕動並協助恢復腸道屏障。我們也啟動了一項第2期試驗，評估我們的FXR致效劑與mirikizumab併用治療克隆氏症，並在白斑症（Vitiligo）中啟動了一項我們的XCL1/2抗體第2期試驗。

Finally, we announced three acquisitions to build a portfolio to prevent infectious diseases, which remain a major source of global morbidity. New medicines could be important to prevent acute disease and the downstream long-term consequences. We believe that combining these companies' platforms and teams with Lilly's global scale, could position Lilly to address significant population-level health problems. The acquisitions include:Curevo, adding amezosvatein, a potential next-generation varicella zoster virus vaccine for the prevention of shingles.

最後，我們宣布三項收購，以建立一個用於預防傳染病的產品組合；傳染病仍是全球疾病負擔的重要來源。新藥可能對預防急性疾病及其後續的長期影響至關重要。我們相信，將這些公司的平台與團隊與禮來的全球規模結合，可使禮來更有利於因應重大的族群層級健康問題。收購案包括：Curevo，新增amezosvatein——一種具潛力的次世代水痘帶狀疱疹病毒疫苗，用於預防帶狀疱疹。

In Phase 2 head-to-head study against the current standard of care, amezosvatein showed a comparable immune response with meaningfully improved tolerability. With growing evidence linking shingles to elevated stroke risk, and shingles vaccination to reduce dementia risk, a better tolerated vaccine could expand the reach of shingles prevention and reduce long-term risks of dementia and stroke.

在一項與目前標準治療正面比較的第2期研究中，amezosvatein展現出可比的免疫反應，且耐受性有顯著改善。隨著越來越多證據顯示帶狀疱疹與中風風險升高相關，且帶狀疱疹疫苗接種可降低失智風險，一款耐受性更佳的疫苗可擴大帶狀疱疹預防的覆蓋範圍，並降低失智與中風的長期風險。

Next, LimmaTech Biologics is developing vaccines to prevent serious bacterial infections. Its platform focuses on bacteria by targeting the toxins and superantigens that drive disease. The most advanced program is in Phase 1 for the prevention of the leading bacterial cause of surgical-site infections, where no vaccine exists today. Vaccines to prevent bacterial infection could play an important role as antimicrobial resistance grows globally.

接著，LimmaTech Biologics 正在開發用於預防嚴重細菌感染的疫苗。其平台聚焦於細菌，透過鎖定驅動疾病的毒素與超抗原（superantigens）。最先進的計畫已進入第1期，用於預防造成手術部位感染的主要細菌病因，而目前尚無疫苗可用。隨著全球抗微生物藥物抗藥性日益增加，預防細菌感染的疫苗可能扮演重要角色。

And, finally, Vaccine Company, which is a lead program against Epstein-Barr virus, an infection with no vaccine today. Beyond acute mononucleosis, Epstein-Barr is linked to chronic oncological and neurological sequelae, including multiple sclerosis. A vaccine could prevent not just the infection, but the serious diseases that follow it. As highlighted by all the new molecules we added to our pipeline through acquisitions, business development is an important component of our R&D strategy.

最後是Vaccine Company，其主力計畫針對EB病毒（Epstein-Barr virus），這是一種目前尚無疫苗的感染。除了急性傳染性單核球增多症之外，EB病毒亦與慢性腫瘤學與神經學後遺症相關，包括多發性硬化症。疫苗不僅可預防感染本身，也可預防其後續的嚴重疾病。正如我們透過收購為研發管線新增的所有新分子所凸顯的，商務開發是我們研發策略的重要組成。

In the first half of 2026, we made strong progress and announced deals to acquire potential new medicines across established and emerging areas at Lilly. We've been increasingly active in business development over the last several years. The pace and average deal size have also continued to increase, reflecting our strategy to grow within our core therapeutic areas and create new opportunities through emerging science.

在2026年上半年，我們取得了強勁進展，並宣布多項交易，以收購可望成為新藥的資產，涵蓋禮來既有與新興領域。過去幾年我們在商務開發方面愈發積極。交易節奏與平均交易規模也持續提升，反映我們在核心治療領域內成長、並透過新興科學創造新機會的策略。

Lilly is uniquely positioned to pursue diseases where there is significant unmet need, exciting early science and the need for Lilly's development, regulatory and manufacturing scale to create value. We expect to remain active in business development while maintaining discipline to create value.

禮來具備獨特優勢，可投入於存在重大未被滿足需求、早期科學令人振奮，且需要禮來在開發、法規與製造規模上創造價值的疾病領域。我們預期將在維持紀律、創造價值的同時，持續積極進行商務開發。

Finally, slides 18 and 19 show the pipeline movements since our last earnings call and the full list of potential key events expected in 2026. It was another productive quarter at Lilly R&D, and we have an ambitious agenda for the second half of the year.

最後，第18與第19張投影片展示了自上次財報電話會議以來研發管線的變動，以及預計於2026年發生的所有潛在關鍵事件完整清單。禮來研發在本季再次展現高產出，我們對下半年也有雄心勃勃的規劃。

I'll now turn the call back to Dave for closing.

接下來我把電話交回Dave作結。

Thanks, Dan. We made excellent progress this quarter. We delivered strong business results, received regulatory approval for new indications, shared positive Phase 3 trial results, added new medicines to our pipeline and expanded access to medicines for patients. While we're pleased with the progress this year so far, we're not satisfied. We remain focused on executing the three components of our strategy to deliver sustained long-term growth to broaden our impact on cardiometabolic health, expand our presence in other therapeutic areas and invest to drive future growth.

謝謝你，Dan。我們本季取得了極佳進展。我們交出強勁的業務成果，取得新適應症的法規核准，分享正向的第3期試驗結果，為研發管線新增新藥，並擴大病患取得藥物的可近性。雖然我們對今年迄今的進展感到滿意，但我們並不自滿。我們仍專注於執行策略的三大組成，以實現可持續的長期成長：擴大我們在心臟代謝健康的影響力、拓展在其他治療領域的布局，並投資以驅動未來成長。

Now I'll turn the call over to Mike to moderate the Q&A session.

現在我把電話交給Mike，由他主持問答環節。

Thanks, Dave. As a reminder, we would like to address as many questions as possible, but consistent with the prior quarters, please limit yourself to a single one-part question. Paul, please provide the instructions for how to join the queue, and we're ready for the first caller.

謝謝你，Dave。提醒各位，我們希望能回答盡可能多的問題，但與前幾季一致，請各位僅提出一個、且不分段的問題。Paul，請提供加入提問隊列的說明，我們準備接聽第一位來電者。

(Operator Instructions)

（接線員指示）

Seamus Fernandez, Guggenheim.

Seamus Fernandez，Guggenheim。

Thanks so much for the question. So I really wanted to ask on just sort of the increasingly deep position that Lilly is driving with consumers and how you envision expanding that treatment opportunity going forward? There's a number of different approaches that one could see Lilly taking across a more aesthetic driven approach. But where do you see this consumer market evolving? And if you could just maybe give us a sense of how unique or similar, the US versus the international self-pay market is at this point in time as you see it? Thanks so much.

非常感謝讓我提問。我想問的是，禮來正持續加深與消費者之間的連結，你們如何設想未來擴大這個治療機會？我們可以看到禮來可能採取多種不同做法，包括更偏向醫美驅動的策略。但你們認為這個消費者市場將如何演變？另外，能否請你們分享一下，就你們目前的觀察，美國與國際自費市場在此時此刻有多獨特或多相似？非常感謝。

Great. Thanks, Seamus. Maybe some context on the consumer expansion. We'll first go to Ilya to talk about the US, and then Patrick can add some commentary about what we see outside the US.

很好。謝謝你，Seamus。先提供一些關於消費者擴張的背景。我們先請Ilya談談美國市場，接著Patrick可以補充我們在美國以外市場的觀察。

Sure. Thanks, Seamus. And I think the overall market, if you think about just obesity in general, in the US and globally, we're still have single -- mid-single digit in terms of utilization or treatment of obesity. And so there's still a significant opportunity ahead of us after more patients. In terms of access, you see a meaningful improvement in access with Bridge as well as some state Medicaid access going live or committing to next year.

好的。謝謝你，Seamus。我認為就整體市場而言，如果把肥胖症放在美國與全球的脈絡來看，目前肥胖症的使用率或治療率仍僅是個位數——約在低至中個位數百分比。因此，未來仍有顯著機會讓更多病患接受治療。在可近性方面，你會看到Bridge帶來的可近性顯著改善，以及部分州的Medicaid可近性已上線或承諾於明年實施。

We continue to see significant growth even in Q2 and overall TRx coming in to treatment of obesity on 3 million TRx. And a lot of that is driven by both injectable and oral on new patients coming in. And of course, we're seeing about 55% of overall prescriptions for Zepbound being in self-pay. And so we continue to look for ways to increase access, affordability, increase consumer awareness, and so we're putting a lot of efforts on consumer awareness and building out the need and urgency to treat obesity, and we continue to look for ways to expand our LillyDirect offering and make it easy for people to get access to care.

我們持續看到顯著成長，即使在第二季也是如此；整體用於肥胖症治療的TRx（總處方量）達到300萬TRx。其中很大一部分是由注射劑型與口服劑型共同帶動的新病患進入所驅動。當然，我們也看到Zepbound的整體處方中約有55%為自費。因此我們持續尋找方法提升可近性與可負擔性、提高消費者認知；我們在消費者教育上投入大量心力，建立治療肥胖症的需求與急迫性，同時也持續尋求擴大我們的LillyDirect服務，讓民眾更容易取得照護。

Patrik?

Patrik？

Thank you. When we look at the obesity business outside the US, it's still mainly out of pocket. So I think the consumer activation here is playing a significant role. And we have rapidly been replicating some of the practices from the US outside the US as well. And we have launched versions of LillyDirect outside of the US. However, it's important to take into account that regulations OUS differ and so will the different models that we will apply, but we will move quickly in this space. And I think they have one thing in common, and that is to make sure that patients are being reached by safe and authentic medicines, and we'll continue to lean in on those efforts.

謝謝。當我們看美國以外的肥胖症業務時，目前仍主要是自費。因此我認為在這裡，消費者啟動（consumer activation）扮演相當重要的角色。我們也正在快速把美國的一些做法複製到美國以外市場。我們已在美國以外推出不同版本的LillyDirect。不過，必須考量美國以外（OUS）的法規有所不同，因此我們採用的各種模式也會不同，但我們會在這個領域快速推進。我認為它們有一個共同點：確保病患能取得安全且真品的藥品，我們也會持續加大投入這些努力。

Asad Heider, Goldman Sachs.

Asad Heider，高盛。

Great. Thanks for taking the questions and congrats on the continued strong performance and execution. Maybe just on the Foundayo launch. In the US, the launch curve has been somewhat slower than anticipated. Just curious as to what you think the contributing factors are there and when do you think we could expect an inflection.

很好。感謝讓我們提問，也恭喜你們持續展現強勁的表現與執行力。我想先問 Foundayo 的上市。在美國，上市曲線似乎比預期慢一些。想請教你們認為造成這種情況的因素是什麼？以及你們預期何時會看到拐點。

And then on OUS, just curious to hear any updated thoughts on how you're thinking about competitive dynamics and the launch trajectory. Novo is now also scaling launches for their oral pill in several key ex-US countries such as the UK and Germany. And in the UAE, I know you said you were encouraged by the early demand. But any learnings in terms of share dynamics now that Novo is in that market, too, and they said this morning that they got 50% share within three weeks of launch? Thank you.

另外在美國以外（OUS）方面，也想聽聽你們對競爭態勢與上市軌跡的最新看法。Novo 目前也正在英國、德國等幾個重要的美國以外市場擴大其口服藥在地上市規模。在阿聯酋方面，我知道你們說對早期需求感到鼓舞。但在 Novo 也進入該市場、且他們今早表示上市三週內就拿到 50% 市占的情況下，關於市占動態有沒有任何學習或觀察？謝謝。

Great. Thanks, Asad. We'll stick with the same duo here. Ilya, do you want to start with talking about progress on the US Foundayo launch, and then Patrick, you can add some color on ex-US.

很好。謝謝你，Asad。我們就由同一組搭檔來回答。Ilya，你先談談 Foundayo 在美國上市的進展，接著 Patrick 再補充一些美國以外的情況。

Thanks, Asad. So listen, for Foundayo, we're making pretty meaningful progress on the Foundayo performance and building out the brand. As we said from the start, we're focusing on three key areas. One is making sure we educate physicians on the Foundayo profile and building out that experience. The second is really achieving greater access and affordability for Foundayo and the third is building out consumer awareness.

謝謝你，Asad。關於 Foundayo，我們在 Foundayo 的表現以及品牌建置上正取得相當有意義的進展。如同我們一開始所說，我們聚焦在三個關鍵領域。第一是確保我們教育醫師了解 Foundayo 的產品特性，並建立相關的使用體驗。第二是實現 Foundayo 更高的可近性與可負擔性；第三是提升消費者認知。

And we're making progress on all three fronts. So we're seeing the leading indicators being pretty positive overall. We're seeing week-to-week growth in overall prescriptions and uptake for Foundayo. And if you take a look at the last 30 days, we've increased access with CVS, adding Foundayo in June. You've seen the launch of Bridge happening July 1, and we started the launch of our full DTC promotion campaign for Foundayo to build out consumer and physician awareness.

而我們在這三個面向都在推進。因此我們看到整體領先指標相當正向。我們看到 Foundayo 的整體處方量與使用採納呈現逐週成長。若看過去 30 天，我們已透過 CVS 在 6 月將 Foundayo 納入，提升了可近性。你也看到 Bridge 計畫在 7 月 1 日啟動，且我們開始推出 Foundayo 的完整 DTC（直接面向消費者）推廣活動，以提升消費者與醫師的認知。

And what we've seen in terms of overall growth and inflection is that the last week of July, we're seeing inflections. So we're doubling the volume that we had just a month ago. And we're starting to see new starts coming in nearly around one out of four starting on Foundayo. So we're starting to see an inflection point on Foundayo now with continued access growth and overall HCP adoption, we believe that we'll continue to see growth in Foundayo over the coming quarters.

至於整體成長與拐點，我們在 7 月最後一週開始看到拐點出現。也就是說，我們的量相較於一個月前已翻倍。而我們也開始看到新的起始用藥者中，接近每四位就有一位是從 Foundayo 開始。因此我們現在正看到 Foundayo 的拐點；隨著可近性持續提升以及醫護人員（HCP）採納度提高，我們相信未來幾個季度 Foundayo 仍將持續成長。

And OUS, when we looked at the first launch, we launched in UAE early May and we actually had a strong start and with early signals showing that orals are expanding the market. And similarly to the US, we see that those patients are actually naive to treatment with incretin. And patients are titrating up steadily. And when we look at Lilly's combined incretins, shares held steady even if we are the second oral entering the market.

至於美國以外（OUS），我們在第一個上市市場阿聯酋於 5 月初推出，實際上開局強勁，且早期訊號顯示口服劑型正在擴大市場。與美國類似，我們看到這些患者其實是首次使用 incretin 類治療（治療新手）。患者也在穩定地逐步加量（titrating up）。而當我們觀察禮來的 incretin 產品合計市占時，即使我們是第二個進入市場的口服藥，市占仍維持穩定。

When we look ahead, we have the approval in Mexico and Saudi and those are the markets where we will launch next and most of the launches will come in 2027. But I think we are extremely well positioned here in terms of supply. So there will be no gating of launches either.

展望未來，我們已在墨西哥與沙烏地獲得核准，這些將是我們下一波上市的市場，而多數上市將落在 2027 年。但我認為在供應方面我們的布局非常到位。因此上市也不會受到供應限制而被卡住。

Just in general, we need to have in mind that this is very early data, and there is a lot of noise in the data set. So I think when things are being referred to, it's very often sell-in data, and that takes into account all of the dynamics with inventory build. But on our side, very pleased with the start of the launch of Foundayo outside the US.

整體而言，我們需要記住這些都還是非常早期的數據，資料集中也有很多雜訊。因此外界提到的很多數據往往是 sell-in（通路進貨）數據，會把庫存建立等各種動態都納入。但就我們這邊而言，我們對 Foundayo 在美國以外的上市開局非常滿意。

Courtney Breen, Bernstein.

Courtney Breen，Bernstein。

Good morning, team. Thanks so much for taking the question today. I did just want to probe on the retatrutide regulatory pathway. Dan, I noticed you mentioned kind of the BLA pathway. And I know that you've been negotiating, perhaps challenging the FDA over the last couple of years in terms of that determination as to whether retatrutide is -- meets the criteria for a BLA.

各位早安。非常感謝今天讓我提問。我想追問一下 retatrutide 的監管申報路徑。Dan，我注意到你提到偏向 BLA 的路徑。我也知道，過去幾年你們可能一直在就 retatrutide 是否符合 BLA 標準這件事，與 FDA 進行協商，甚至提出挑戰。

Can you just help us understand the requirements and milestones ahead in ensuring that this is accepted as a BLA? And anything that kind of will help us understand whether this is going to be unique to retatrutide or whether they are going to be subsequent incretins that are going to be able to get classified as a BLA going forward. Thank you so much.

能否請你們協助我們理解：為了確保它被接受為 BLA，接下來有哪些要求與里程碑？以及是否能幫助我們理解，這會是 retatrutide 的特例，還是未來後續的 incretin 類藥物也有可能被歸類為 BLA？非常感謝。

Thanks, Courtney. We'll go to Dave to talk about the retatrutide filing pathway.

謝謝你，Courtney。我們請 Dave 來談 retatrutide 的申報路徑。

Yeah. Thanks, Courtney. As you mentioned, we've been pursuing this for a little while because we believe retatrutide is a biologic application both in terms of amino acid count rule as well as analogous to a protein. So that's our position. There was a mixed decision in the -- first decision in the court. It's obviously active litigation, but we would hope to come to a conclusion with the FDA to support a BLA application.

好的。謝謝你，Courtney。如你所提，我們已推進這件事一段時間，因為我們認為 retatrutide 應以生物製劑申請（biologic application）來看待，無論是從胺基酸數量規則（amino acid count rule），或是其性質類似蛋白質（protein）的角度。這就是我們的立場。法院在第一個裁定中做出了混合的決定。這顯然仍在進行中的訴訟，但我們希望能與 FDA 達成結論，以支持以 BLA 方式申請。

As you may know, we have announced at the end of our clinical program that we have all the clinical data we need to submit, but we do need to gather a little bit more on the CMC side. While that's going on, you can bet we're in communication with the agency, and we'll give an update to investors as there's any progress on the filing status for retatrutide.

如你所知，我們在臨床計畫結束時已宣布，我們已具備提交所需的全部臨床數據，但在 CMC（化學、製造與管制）方面仍需要再補齊一些資料。在此進行期間，你可以確定我們正與主管機關保持溝通；一旦 retatrutide 的申報狀態有任何進展，我們也會向投資人更新。

But super exciting data package. I think we're seeing really unprecedented efficacy with this triple acting GLP-1. We have a pretty large lead over any competitors with a triple acting medicine. And we pursued a very interesting, I think, package of comorbidities in both the initial package and now and subsequent data will read out over the coming years. So very excited about the program and look forward to the submission by Q1 next year.

不過這是一份非常令人振奮的數據組合。我認為我們正看到這款三重作用 GLP-1 帶來前所未見的療效。在三重作用藥物方面，我們相較任何競爭對手都有相當大的領先優勢。而且我們在初始資料包以及目前的規劃中，都納入了一組我認為非常有意思的共病（comorbidities）研究；後續數據也將在未來幾年陸續讀出。因此我們對這個計畫非常期待，也期待在明年第一季前完成提交。

Chris Schott, JPMorgan.

Chris Schott，摩根大通（JPMorgan）。

Great. Thanks so much and congrats on all the progress. I know it's early, but can you just elaborate a bit more on the Medicare obesity rollout and any learnings and surprises there thus far? Maybe as part of that, can you just touch on maybe the ramp curve we've seen initially, what you're seeing in orals versus injectables et cetera, a string a sense of like what your -- how you're feeling this is going so far? Thanks so much.

很好。非常感謝，也恭喜你們取得所有進展。我知道現在還早，但能否再多談一些 Medicare 肥胖症給付推行（rollout）的情況，以及目前為止有哪些學習與意外發現？也許作為其中一部分，能否談談我們一開始看到的爬坡曲線（ramp curve），以及你們在口服藥相對於注射劑等方面看到的情況，讓我們了解你們目前對進展的感受如何？非常感謝。

Great. Thanks, Chris. We'll go to Ilya to talk about the Medicare GLP-1 Bridge rollout and any context on orals versus injectables?

很好。謝謝你，Chris。我們請 Ilya 來談談 Medicare GLP-1 Bridge 的推行進度，以及口服劑型相較於注射劑型的相關背景？

Great. Thanks, Chris. We're really excited about, one, expanding access for seniors in the US. As Dave mentioned in the early part of the call, that it's increasing access to about 35% more Americans being able to access obesity therapy. If you think about the start, it's still early days.

很好。謝謝你，Chris。我們對於第一、擴大美國高齡族群的可近性，感到非常振奮。正如 Dave 在電話會議前段提到的，這將使約多 35% 的美國人能夠取得肥胖治療。如果你回頭看起點，現在仍屬於早期階段。

At the same time, we're seeing a pretty significant inflection point. We're mostly on -- we're seeing CMS on educating physicians and different stakeholders, pharmacies, on the criteria process. That process is working pretty well in terms of the prior authorization and approvals of people that qualify. And so the criteria are clear. We're continuing to do pretty extensive education across consumers, physicians and pharmacies to understand the criteria so that they know whether or not they can benefit. And we've also enabled LillyDirect to fulfill on the Bridge process.

同時，我們也看到相當顯著的拐點。我們主要看到 CMS 正在教育醫師與不同利害關係人、藥局等，了解資格條件流程。就事前授權與符合資格者的核准而言，這個流程運作得相當順暢。因此，條件標準很清楚。我們持續對消費者、醫師與藥局進行相當廣泛的教育，讓大家理解這些條件，從而知道自己是否能受益。我們也已讓 LillyDirect 能夠在 Bridge 流程中完成履約。

And in terms of momentum, you can see an inflection point for both of our medicines, Zepbound and Foundayo, over the last few weeks. Part of that is Bridge. The approximate -- we're seeing a significant preference towards injectable, probably around 80% of people that are getting treatment are injectable, but we're seeing new patients for both.

就動能而言，過去幾週你可以看到我們兩款藥物 Zepbound 與 Foundayo 都出現拐點。其中一部分來自 Bridge。大致上——我們看到對注射劑型有明顯偏好，可能約有 80% 接受治療的人使用注射劑型，但兩種劑型都有新病患進來。

And we have approximately around 60% to 70% being new people that are coming in that have not had access before. So it's still early days, but we're encouraged by the inflection point over the last few weeks, and we'll continue to work on educating consumers and stakeholders on the benefit of the Bridge program.

而且約有 60% 到 70% 是過去沒有取得治療可近性的新增人群。所以仍在早期階段，但我們對過去幾週出現的拐點感到鼓舞，並將持續教育消費者與利害關係人，讓大家了解 Bridge 計畫的效益。

Geoff Meacham, Citibank.

Geoff Meacham，花旗銀行。

Morning, everyone. Thanks for the question. I also wanted to say congrats on the quarter. I had two related ones on retatrutide. The first one is, do you need a commercial strategy to protect against whatever it is that's apparently available today? Or will that solve itself with formal approval. And then related, you guys have expanded the indication base for tirzepatide well beyond diabesity with the higher efficacy of retatrutide, are there additional indications that you can now address that otherwise perhaps you couldn't. Thank you.

各位早安。謝謝讓我提問。我也想說恭喜本季表現。我有兩個與 retatrutide 相關的問題。第一個是，你們是否需要一個商業策略來防範目前市面上顯然已經可取得的某些東西？還是說在正式核准後就會自然解決？另外相關的是，你們已將 tirzepatide 的適應症基礎擴展到遠超過糖胖（diabesity）；在 retatrutide 更高療效之下，是否有其他你們現在可以切入、而過去可能無法切入的額外適應症？謝謝。

Great. Thanks, Geoff. We'll go to Ken to talk about the development strategy on retatrutide and then any comments about commercial strategy as well.

很好。謝謝你，Geoff。我們請 Ken 來談談 retatrutide 的開發策略，以及也請他評論一下商業策略。

Yeah. Thanks for the question, Jeff. First of all, I think people are eagerly awaiting authentic retatrutide to be available in the market, and we fully expect that when we get this to medicine to market, people will vote with their feet and embrace the Lilly guaranteed product.

是的。謝謝你的問題，Jeff。首先，我認為大家都非常期待真正的 retatrutide 能在市場上取得；我們完全預期，當我們把這個藥物推向市場時，大家會用腳投票，並選擇有 Lilly 保證的產品。

In terms of development strategy, while we do have a broad based with tirzepatide of indications. With reta, we're seeing in terms of really transformative weight loss at the high dose and it does open up additional opportunities. You've seen that with the data we've shared on osteoarthritis knee pain, both from TRIUMPH 4 and TRIUMPH 1, where you're effectively reducing pain by unprecedented amount, 75%.

就開發策略而言，雖然我們在 tirzepatide 上已建立廣泛的適應症布局，但在 reta 上，我們看到高劑量能帶來真正具變革性的體重下降，這也開啟了更多機會。你已在我們分享的膝骨關節炎疼痛數據中看到這點，來自 TRIUMPH 4 與 TRIUMPH 1；我們實際上把疼痛降低到前所未見的幅度，達 75%。

I think that's exemplary of the sorts of opportunities we have ahead with this molecule. We're also advancing it in a study in MASH or MASLD, which is ongoing and then which we think the glucagon mechanism of action there offers some potential unique opportunities. But we're also evaluating several additional indication opportunities here internally and may have more to say in the future on that. Last I'll circle back to pain. We also have a chronic low back pain study ongoing with reta, which will read out sometime next year.

我認為這正是這個分子未來各種機會的代表。我們也在 MASH 或 MASLD 的研究中推進它，該研究仍在進行中；我們認為其中的升糖素作用機轉可能帶來一些獨特機會。此外，我們也在內部評估數個額外的適應症機會，未來可能會有更多可分享的內容。最後我再回到疼痛領域。我們也有一項 reta 用於慢性下背痛的研究正在進行，預計明年某個時點讀出結果。

So overall, a very exciting medicine that we think can do a lot of work in the treatment of obesity, both on the high end with bariatric surgery-like weight loss. And on the low end with just the simplicity of a single titration step. We'll look to expand the indication set and really maximize this opportunity.

總體而言，這是一款非常令人振奮的藥物；我們認為它在肥胖治療上能發揮很大作用——在高端可達到類似減重手術的體重下降效果，在低端則具備僅需單一步驟滴定的簡便性。我們將尋求擴大適應症組合，並真正把握、最大化這個機會。

Mohit Bansal, Wells Fargo.

Mohit Bansal，富國銀行。

Great. Thank you very much for taking my question and congrats on the progress. I'll ask a non-incretin question for extra credit. So breast cancer would love to understand what -- how you are thinking about the post Verzenio strategy in breast cancer at this point? You have SERD, you also have oral PI3K. So is there an all-oral combo on the table as well? Thank you.

很好。非常感謝讓我提問，也恭喜你們的進展。我想問一個非腸泌素（non-incretin）問題來加分。關於乳癌，我想了解你們目前如何思考 Verzenio 之後在乳癌領域的策略？你們有 SERD，也有口服 PI3K。那是否也有全口服的聯合療法在規劃中？謝謝。

Great. Thanks, Mohit, and extra credit duly noted. Jake we’ll go to you to talk about the breast cancer strategy after Verzenio.

很好。謝謝你，Mohit，加分題我們記下了。Jake，我們請你來談談 Verzenio 之後的乳癌策略。

Yeah. Thanks, Mohit, for the question. We're really excited about the presence that we have in breast cancer historically and going forward. I think the three most important targets in breast cancer are the estrogen receptor, CDK4/6, and PI3 kinase alpha. We think we have the best medicines for every single one of those targets, and we have plans to combine them all.

好的。謝謝你，Mohit，謝謝你的問題。我們對於過去以及未來在乳癌領域所建立的布局感到非常振奮。我認為乳癌最重要的三個標的，是雌激素受體、CDK4/6，以及 PI3 kinase alpha。我們認為在這三個標的上，我們各自都有最好的藥物，而且我們也有計畫把它們全部組合起來。

You know about what we're doing with imlunestrant currently an approved product, as Inluriyo with EMBER-4, slated to read out next year, the adjuvant trial, that is a major moment for that medicine. And we're on the precipice of beginning the Phase 3 program for tersolisib, the Pi3-kinase inhibitor, which will be initially combined with existing endocrine therapies. But over time, we envision absolutely combining with Inluriyo. And even in the existing study, we'll be combined with investigators' choice of CDK4/6, a large part of which I think will be Verzenio. So we're really excited about the potential for that all-oral combination in a variety of settings down the road.

你也知道我們目前在 imlunestrant 上的進展——它已作為 Inluriyo 獲得核准；EMBER-4 的輔助治療試驗預計明年讀出結果，這將是該藥物的一個重大時刻。此外，我們也即將啟動 tersolisib（PI3-kinase 抑制劑）的第三期計畫，初期會先與既有的內分泌治療合併使用。但隨著時間推進，我們絕對也會設想與 Inluriyo 合併。即便在現有研究中，我們也會與研究者選擇的 CDK4/6 合併，其中很大一部分我認為會是 Verzenio。因此，我們對於未來在多種治療情境中推進全口服聯合療法的潛力感到非常興奮。

Thank you.

謝謝。

Akash Tewari, Jefferies.

Akash Tewari，Jefferies。

Hey. Thanks so much. So it seems like your guidance is almost implying a deceleration in revenue versus Q2 for the back half of the year. And that seems unlikely given the Medicare Bridge programs ramping up, along with Foundayo commercial access getting online. Is there anything we're missing here, maybe on price? Or is your team generally trying to be conservative here. Thank you.

嗨。非常感謝。所以看起來你們的財測幾乎暗示下半年營收相較於第二季會放緩。但考量到 Medicare Bridge 計畫正在加速推進，以及 Foundayo 的商業可近性也正在上線，這似乎不太可能。我們是不是漏掉了什麼，例如價格方面？還是你們團隊整體上只是想保守一些？謝謝。

Right. Thanks, Akash. We'll go to Lucas to talk about the moving parts and guidance.

好的。謝謝你，Akash。我們請 Lucas 來談談影響因素與財測指引。

Yeah. Thank you, Akash, for the question. Maybe a few parts, very pleased, by the way, to continue to see the strong performance that we see, not only in the first half of the year, but also upgrading the guide by $2.5 billion for the full year. To your point about what are the kind of the ins and outs on the guide, I think it's worth to highlight in the last couple of quarters that there were a few one-offs that we called out in the calls as well prior-period adjustments that we have on our estimates for rebates and discounts in the US, including this quarter, those, of course, we don't expect that will continue into the second part of the year.

是的。謝謝你，Akash，提出這個問題。我想可以從幾個面向來看；順帶一提，我們很高興持續看到強勁表現，不僅是上半年，同時也把全年指引上調了 25 億美元。針對你提到的指引有哪些進出項（上修/下修因素），我認為值得強調的是，過去幾個季度我們在電話會議中也提到過一些一次性因素，以及我們對美國回扣與折扣估計所做的前期期間調整（prior-period adjustments），本季也包含在內；當然，我們不預期這些會延續到下半年。

So that's something that once you look at the model, it is important to factor that. Then you mentioned the comparison in terms of growth versus last year. What is important, if you look at the base period, the 2025 period, remember that in the second part of the year, basically, we had all the bolus of the launches of Mounjaro in our OUS markets. That was basically adding a lot of, again, new countries and volume into the second part of the year.

所以當你看模型時，把這點納入考量很重要。接著你提到與去年相比的成長比較。重點是，如果你看基期，也就是 2025 年期間，請記得在下半年，我們基本上在美國以外（OUS）市場集中推出 Mounjaro。這等於在下半年新增了許多國家與銷量。

When you look at actually the growth that we expect to see in dollars, not in percentage of growth, we expect to continue to drive significant growth in the second part of the year as well. Of course, again, that bolus of new countries, as all along I highlighted, has already happened, will not happen again. And as Patrick alluded as well, the growth that we expect to see in the future is more driven by the penetration in the OUS market.

如果看我們預期的美元成長（不是成長百分比），我們也預期下半年仍將帶動顯著成長。當然，如我一直強調的，那一波新增國家的集中推出已經發生過了，不會再發生一次。而且如 Patrick 也提到，未來我們預期看到的成長，更多是由 OUS 市場的滲透率提升所驅動。

So those are some of the factors that is important to highlight. Last but not least, again, I know that some of you are fans of the seasonality effects. And I think it's worth to highlight that as well, we always have the seasonality in Europe in Q3 with all the vacation holidays taking place and that's factored in our guide. And usually, we have some seasonality in Type 2 diabetes in the US in the fourth quarter. So those are some of the one-offs that I think is worth to call out as part of -- that we have factored in our guide.

以上是幾個重要因素。最後但同樣重要的是，我知道你們當中有些人很關注季節性影響。我也值得一提：我們在歐洲第三季一向有季節性，因為暑假休假集中發生，這已反映在我們的指引中。而在美國，第二型糖尿病通常在第四季也會有一些季節性。所以這些都是我們認為值得點出的、並已納入指引的一次性因素。

Michael Yee, UBS.

UBS 的 Michael Yee。

Thanks. Talking about the strong OUS launch, can you talk a little bit about which specific regions are seeing the most growth? And maybe a comment about India, where I know there's a lot of noise about generic launching, I know there's some capacity constraints as [Reddy] had made some comments. So maybe just talk about what you're seeing specifically there as well, even with generics launching. Thanks.

謝謝。談到 OUS 的強勁上市表現，你能否多談一些哪些特定區域的成長最明顯？另外也想請你評論一下印度；我知道市場上對學名藥上市有很多雜音，而且我知道 [Reddy] 也提到一些產能限制。所以也請談談你們在那邊的具體觀察，即使有學名藥上市也是如此。謝謝。

Okay. Great. I assume we're talking about Mounjaro. So Patrick, would to talk about the OUS launch Mounjaro kind of pocket of strength and then any early observations of generic semaglutide in India or other markets.

好的。很好。我想我們談的是 Mounjaro。那 Patrick，你能否談談 Mounjaro 在 OUS 上市的強勢區塊，以及在印度或其他市場對 semaglutide 學名藥的任何初步觀察。

Happy to do that. So when you look at the performance of Mounjaro OUS, we actually continue to perform that strongly more or less everywhere. And we have taken a market leadership position across many different markets. But among the key drivers, I would highlight that China NRDL where we obtained the category leadership already after 16 months. But beyond that, we see significant growth in Korea, the UK, Mexico and Germany. And in many markets, we have a market share today but is similar to the level of the US or even above.

很樂意。如果看 Mounjaro 在 OUS 的表現，我們其實幾乎在各地都持續非常強勁。而且我們在許多不同市場取得了市場領導地位。在主要驅動因素中，我會特別強調中國的 NRDL，我們在 16 個月後就已取得該類別的領導地位。除此之外，我們也在韓國、英國、墨西哥與德國看到顯著成長。在許多市場，我們目前的市占率與美國相當，甚至更高。

In terms of learnings from the launch of generic semaglutide, if we look specifically at India and even Brazil, we continue to see TRx growth for Mounjaro even after the launch of generic semaglutide. And I think that's driven by the strong differentiation we have with superiority data. And I think that's the first line of defense.

就 semaglutide 學名藥上市的學習而言，如果特別看印度，甚至巴西，在 semaglutide 學名藥上市後，我們仍看到 Mounjaro 的 TRx 持續成長。我認為這是因為我們憑藉優效性數據形成了強烈差異化。我想這是第一道防線。

But we have also been pleasantly surprised with what we see in Canada. Where actually the tirzepatide TRx continue to grow with the same pace as a total market TRx. And we have also seen the generic companies actually having significant supply constraints. So I think that's something that we need to monitor very closely.

但我們也對加拿大的情況感到驚喜。在那裡，tirzepatide 的 TRx 仍以與整體市場 TRx 相同的速度成長。而且我們也看到學名藥公司其實面臨顯著的供應限制。所以我認為這是我們需要非常密切監控的事情。

But in an essence, strong performance across the globe outside of the US. And so far, the differentiation of tirzepatide seems to be a strong line of defense. And most importantly, our overall product portfolio will position us very well in the future as well here.

總而言之，在美國以外的全球各地都呈現強勁表現。到目前為止，tirzepatide 的差異化似乎是一道強而有力的防線。最重要的是，我們整體產品組合也將使我們在未來同樣具備非常好的定位。

Terence Flynn, Morgan Stanley.

Morgan Stanley 的 Terence Flynn。

Great. Thanks for taking the question. Just on Foundayo, I was wondering if you could provide any insight on how extensive your sampling program is and if that's having any dampening effect on the IQVIA prescription data that we're all watching every Friday. And what are you seeing in the US prescribing base here? Are you seeing some expansion? And can you quantify that for us? Thank you.

很好。謝謝讓我提問。關於 Foundayo，我想請問你們能否提供一些洞見：你們的試用裝（sampling）計畫規模有多大？這是否會對我們每週五都在看的 IQVIA 處方數據造成任何抑制效果？另外，你們在美國的開立處方醫師基礎（prescribing base）目前看到什麼情況？是否看到擴張？能否為我們量化一下？謝謝。

Great. We'll go to Ilya talk about Foundayo Sampling and US prescribers and Terence's Fridays.

很好。我們請 Ilya 來談 Foundayo 的試用裝投放與美國開立處方醫師，以及 Terence 的「每週五」。

Yeah. So on sampling and in general, like our full promotion, we've got pretty much every lever going on in terms of promotion. Sampling, we're incorporating the sample, the first 30 days of the first dose, pretty much similar to what you would see for a typical oral small molecule in the retail market. So we have extensive sampling across the prescriber base. And we continue to have full supply to enable to do that, to get that first experience and understand the benefits of, and safety of Foundayo.

是的。關於試用裝以及整體推廣，我們幾乎把所有推廣槓桿都用上了。在試用裝方面，我們把首劑的前 30 天納入試用，基本上類似你在零售市場看到的典型口服小分子藥物做法。因此我們在開立處方醫師基礎上進行了廣泛的試用裝投放。而且我們持續有充足供應來支持這件事，讓患者獲得第一次使用體驗，並了解 Foundayo 的效益與安全性。

In terms of prescriber base, we've seen a pretty good uptick in continued growth in the number of prescribers. I think the last time we had talked -- on earnings, we talked about 8,000 prescribers. We've now increased that to 36,000 prescribers. And so we continue to see week-on-week and continued progress on the adoption, awareness and the improved perception of Foundayo profile for people living with overweight and obesity. So we feel pretty good about going forward inflection points with increased access and consumer awareness.

就開立處方醫師基礎而言，我們看到開立醫師數持續成長，增幅相當不錯。我記得上次在財報電話會議上我們提到大約 8,000 位開立醫師。現在已增加到 36,000 位開立醫師。因此我們持續看到每週（week-on-week）的進展，包括採用度、認知度，以及對 Foundayo 產品特性在過重與肥胖族群中的觀感改善。所以我們對未來在可近性提升與消費者認知提高所帶來的成長拐點相當有信心。

Umer Raffat, Evercore.

Umer Raffat，Evercore。

Thanks, guys. I have a question on net pricing and obesity, if I may. So as you know, Zepbound's net price is about $580 per prescription, which is meaningfully higher than the cash pay price but also higher than Wegovy net price about $380 per prescription.

謝謝，各位。如果可以的話，我想問一個關於淨定價與肥胖症的問題。如各位所知，Zepbound 每張處方的淨價格約為 580 美元，這明顯高於自費現金價，但也高於 Wegovy 每張處方約 380 美元的淨價格。

So Dave, last quarter, you mentioned there's a lot of medical exception that might be driving some of this delta. And my question is, how sustainable is that, especially given CVS is back on formulary? And is this what drives the favorable rebate adjustments quarter after quarter? Thank you.

所以 Dave，上季你提到有很多醫療例外（medical exception）可能在推動這個差距。我的問題是，這種情況有多可持續，尤其是在 CVS 已經回到處方集（formulary）之後？另外，這是否就是推動你們一季又一季有利的回扣調整（favorable rebate adjustments）的原因？謝謝。

Thanks, Umer. We'll go to Lucas to talk a bit about net pricing at Mounjaro -- or Zepbound in any of the net exception dynamics.

謝謝你，Umer。我們請 Lucas 來談談 Mounjaro——或 Zepbound——在淨定價方面，以及任何淨例外（net exception）動態。

Yeah, Umer, thank you for the question. Maybe just to anchor this back on the prices on Zepbound, different to many other molecules. By the way, there is a lot of transparency on all the different channels, and you have all the access to see that data, starting with LillyDirect on direct-to-patient prices. Again, you know that is starting at $299 all the way to $449. Now you have the Bridge program at $245 as well. And of course, again, you have then the commercial price, again, that is again part of this equation.

是的，Umer，謝謝你的問題。也許先把焦點拉回 Zepbound 的價格，這點與許多其他分子不同。順帶一提，各個不同通路的資訊透明度很高，你也都能取得並查看那些數據，從 LillyDirect 的直達病患（direct-to-patient）價格開始。如你所知，那個價格從 299 美元起到 449 美元不等。另外還有 Bridge 計畫，價格是 245 美元。當然，還有商業保險價格（commercial price），這也是這個方程式的一部分。

You mentioned medical exception. That's a driver. I think what you -- when you factor in your analysis as well, it's important to highlight again the size of the scripts as well. That is another driver that is affecting the price component that in particular in that commercial segment is impacting, of course, again, the price, you can then try to extrapolate what is the price per pack that is significantly lower than that.

你提到醫療例外。那是一個驅動因素。我認為在你做分析時，也要再次強調處方量（scripts）的規模。那是另一個會影響價格組成的驅動因素，特別是在商業保險那個區隔，當然會影響價格；你也可以進一步外推，得到每盒（per pack）的價格其實顯著更低。

In terms of medical exception, yes, there are a few buckets. You mentioned one of them, for example, again, the template on CVS access that we are very happy that we accomplished now starting in Q4 will drive basically, as you know, since last year, when again CVS moved to 1 of 1, there were three options basically for the patients back then was -- one was to move to the competitor product, basically, the other one was to go to the cash market and the third one was to go through the medical exception process going back to your point.

就醫療例外而言，是的，確實有幾個類別。你提到其中之一，例如我們很高興已經達成的 CVS 給付範本（template）/可及性（access），從第四季開始將會帶動影響。正如你所知，自去年起，當 CVS 改為 1 of 1（單一選擇）時，當時病患基本上有三個選項——

We are happy actually. And all along, our goal is to have access. The medical exception is maybe a short-term thing and our all along view is to have open access for all the patients. So expect that price will actually go down for sure because of this, but it's very much embedded in our guide and is basically reset to, again, our expectations. And of course, we are going to more than offset that with volume growth.

我們其實很高興。一直以來，我們的目標就是取得可及性（access）。醫療例外可能只是短期作法，而我們一貫的看法是要讓所有病患都能開放取得（open access）。因此，預期價格確實會因為這點而下降，但這已充分反映在我們的指引（guide）中，並且基本上已重設回我們的預期。當然，我們會以銷量成長來大幅抵消這個影響。

Jason Gerberry, Bank of America.

Jason Gerberry，美國銀行。

Hey, guys. Thanks for taking my question. Mine is just on M&A. You guys surprised investors I think getting back into psychiatry and with some vaccine deals. And so I'm wondering if you think these two areas, psych and vaccines, are areas that really can scale and is this a high priority? Or do you see some of the assets as more one-off or you are just intrigued by the science. So just wondering if you can kind of characterize the strategy there. Thanks.

嗨，各位。謝謝讓我提問。我的問題是關於併購（M&A）。我想你們重返精神醫學領域，以及做了一些疫苗交易，讓投資人感到意外。所以我想問，你們是否認為這兩個領域——精神科與疫苗——真的能夠擴大規模（scale），而且是高優先順序？或者你們把其中一些資產視為較偏一次性（one-off），或只是對其科學性很感興趣。想請你們大致描述一下那邊的策略。謝謝。

Great. Thanks, Jason. We'll go to Jake to answer the question more broadly about the M&A strategy and the work we're doing there.

很好。謝謝你，Jason。我們請 Jake 來更廣泛地回答關於併購策略以及我們在這方面所做的工作。

Yeah, thanks for the question. I think what these two areas have in common is just the immense unmet need that still remains and that really is the through line of all of the work that we do, both internally and through business development. So in this case, we saw an opportunity to acquire technology and medicines that we think have the potential to be really impactful and at prices that allow us to remain disciplined and create value long term for Lilly's shareholders.

是的，謝謝你的問題。我認為這兩個領域的共同點，是仍然存在巨大的未被滿足需求（unmet need），而這也確實是我們所有工作——不論是內部研發或透過商務開發——的主軸。因此，在這個案例中，我們看到一個機會去收購我們認為可能帶來重大影響的技術與藥物，而且收購價格也讓我們能保持紀律，並為禮來股東創造長期價值。

It's not actually that different frankly than the many other deals that we've done year-to-date and the internal projects that we continue to do. Whether we continue to build more around infectious diseases and psychiatry specifically to your question, I don't want to forward look too much on that, because we'll be opportunistic based on what we see that’s available for acquisition and partnering, but very excited about those two areas and the specific things that we purchased there. Thanks.

坦白說，這其實與我們今年迄今做的許多其他交易，以及我們持續推進的內部專案並沒有太大不同。至於是否會在傳染病與精神醫學上持續擴建、回到你的問題，我不想對未來做太多前瞻性評論，因為我們會依據可供收購與合作的標的而採取機會主義（opportunistic）的做法；但我們對這兩個領域以及我們在那裡買到的具體項目都非常興奮。謝謝。

Great. And I will try to squeeze a couple more in, if we could.

很好。如果可以的話，我會再塞進幾個問題。

Louise Chen, Scotiabank. Louis.

Louise Chen，豐業銀行（Scotiabank）。Louis。

Hi. Thanks for taking my questions. I wanted to ask you about some of your other pipeline products outside of obesity. I know you've put a lot in there. Any specific assets, one or two that you're really excited about that you think the Street should be paying more attention to? Thank you.

嗨。謝謝讓我提問。我想問一些你們在肥胖症之外的其他研發管線產品。我知道你們在那方面投入很多。有沒有一兩個你們特別興奮、覺得市場（Street）應該更關注的具體資產？謝謝。

Great. Thanks for the question, Louise. We'll go to Dan to talk about other pipeline projects outside of obesity and any couple you want to highlight?

很好。謝謝你的問題，Louise。我們請 Dan 來談談肥胖症之外的其他管線專案，以及你想特別點名的幾個？

Yeah. Thanks for the great question. We have a rich pipeline outside of obesity. Maybe I touch on some highlights by therapeutic area. Maybe starting in cardiovascular health. I mentioned the efforts we're doing in CBD with gene editing for PCSK9. We also have oral and injectable LP(a) lowering drugs. Those are huge opportunities. We just commented on some of the new areas, Jake mention psychiatry and vaccines, also huge unmet areas. In neuroscience beyond the psych expansion, we're excited about sleep wake disorders with Centessa and then diseases like addiction, major depressive disorder, which may be addressable with incretin science as well. So a lot of growth going on in neuroscience as well.

是的。謝謝這個很好的問題。我們在肥胖症之外也有很豐富的研發管線。我可以按治療領域談一些重點。先從心血管健康開始。我提過我們在 CBD（心血管疾病）領域，利用基因編輯針對 PCSK9 的努力。我們也有口服與注射型的 LP(a) 降低藥物。那是非常巨大的機會。我們剛剛也提到一些新領域，Jake 提到精神醫學與疫苗，這些同樣是未被滿足需求很大的領域。在神經科學方面，除了精神科的擴張之外，我們也對與 Centessa 合作的睡眠—覺醒障礙（sleep wake disorders）感到興奮；另外像成癮、重度憂鬱症等疾病，也可能可以透過腸泌素（incretin）科學來處理。所以神經科學也有很多成長在進行。

And then they come to oncology. I highlighted some of the exciting readouts. It's probably the richest period of oncology readouts and molecule delivery that we've had at Lilly ever probably. Excited about a number of those molecules, including the two recent deals that we announced, the Kelonia in vivo CAR-T idea for multiple myeloma, that I think has a huge potential against a large unmet medical need as well as the Ajax novel JAK inhibitor.

接著談到腫瘤學。我先前強調了一些令人興奮的讀出（readouts）。這大概是禮來史上腫瘤學讀出與分子遞送（molecule delivery）最密集、最豐富的時期。我們對其中多個分子感到興奮，包括我們最近宣布的兩筆交易：Kelonia 的體內（in vivo）CAR-T 概念用於多發性骨髓瘤，我認為它在龐大的未被滿足醫療需求上具有很大潛力；以及 Ajax 的新型 JAK 抑制劑。

And then finally, in immunology, I commented on some of the progression that we're having. It's EBGLYSS. It's still early days, I think. And watching what this drug can do, excited to see it grow in the marketplace and the new indications coming and new opportunities to continue to grow there in one of the largest segments of immunology right now. And then behind that, a number of combination ideas coming in IBD as well as psoriatic diseases. So across our therapeutic areas, we have the strongest pipeline we've ever had. If you eliminated the incretin stuff, this would be a really strong and large pipeline to be proud of.

最後，在免疫學方面，我也評論了我們正在取得的一些進展。這是 EBGLYSS。我認為目前仍屬早期階段。觀察這款藥物能做到什麼，我很期待看到它在市場上成長，以及新的適應症推出與新的機會出現，讓我們能在目前免疫學最大細分領域之一持續擴張。此外，在 IBD 以及乾癬相關疾病方面，也有多項聯合用藥的構想正在推進。因此，橫跨我們的治療領域，我們擁有史上最強的研發管線。即使把 incretin 相關的部分拿掉，這仍會是一條非常強大且規模可觀、值得自豪的研發管線。

Great. Thanks, Dan. Paul will do one last question, and then we'll close the call.

很好。謝謝你，Dan。Paul 會再問最後一個問題，然後我們就結束電話會議。

Dave Risinger, Leerink.

Leerink 的 Dave Risinger。

Great. Thanks very much. So congrats on the phenomenal results. I just wanted to ask about Foundayo ex-US. So sales in the quarter in a single country, albeit a wealthy one, the UAE were $31 million which was close to half of the $67 million that Foundayo generated in the US. So although the pricing is probably relatively high in the UAE, the results would seem to suggest explosive potential for Foundayo once it's launched throughout the world. Could you comment on how you see its potential ex-US for obesity?

很好。非常感謝。先恭喜你們取得非凡的成果。我想問一下 Foundayo 在美國以外（ex-US）的情況。本季在單一國家（雖然是富裕國家）阿聯酋（UAE）的銷售額為 3,100 萬美元，接近 Foundayo 在美國創造的 6,700 萬美元的一半。因此，儘管阿聯酋的定價可能相對較高，這些結果似乎顯示 Foundayo 一旦在全球推出，將具有爆發性的潛力。你們能否評論一下你們如何看待其在美國以外用於肥胖的潛力？

And then separately, how you see the opportunity for Foundayo to be paid for by ex-US governments for diabetes. Do you think it will be better reimbursed than tirzepatide is simply because you can offer it much cheaper to governments for diabetes, then you offer tirzepatide? Any color would be helpful. Thank you.

另外，美國以外各國政府為糖尿病支付 Foundayo 的機會，你們怎麼看？你們是否認為，相較於 tirzepatide，Foundayo 的給付（reimbursement）會更好，單純因為你們可以以更低的價格向各國政府提供用於糖尿病的 Foundayo，而不是像 tirzepatide 那樣的價格？任何補充說明都會很有幫助。謝謝。

Great. We'll go to Patrik to talk about Foundayo obesity expectations ex-US. And then any color on thoughts on diabetes launch and reimbursement.

很好。我們請 Patrik 來談談 Foundayo 在美國以外對肥胖的預期。以及對糖尿病上市與給付方面想法的任何補充。

Thank you very much. As I shared earlier, we are encouraged by the start in UAE, but also we need to consider that it's very early days, and there is a lot of noise in the data. And as always, when you launch a new medicine, there is an inventory build in the beginning as well, although there is a lot of demand created as well.

非常感謝。如我先前分享的，我們對在阿聯酋的起步感到鼓舞，但同時也必須考量目前仍屬非常早期，數據中存在很多雜訊。而且一如既往，新藥上市初期也會有通路庫存建立（inventory build），當然同時也會帶動大量需求。

What we have learned so far is that there is a need for an oral in treating both obesity and Type 2 diabetes. And I think we have seen that the majority of the patients are naive to incretin treatments. So I think there is a significant opportunity. The major rollout for us, OUS, will happen in the beginning of 2027 with major launches. Type 2 reimbursement. Yes, I think we're probably slightly better positioned with an oral for Type 2 reimbursement. And the data we have seen so far for orforglipron with ACHIEVE-3 head-to-head trials, it's quite an appealing value proposition. Nevertheless, we know that reimbursement OUS always takes time. So the focus at the time of launch will be on chronic weight management and building on the experiences we have had so far in US and UAE.

到目前為止我們學到的是，在治療肥胖與第二型糖尿病方面，市場確實需要口服藥物。而且我認為我們看到多數患者先前未使用過 incretin 類治療（naive）。因此我認為存在相當大的機會。對我們而言，美國以外（OUS）的主要推廣將在 2027 年初進行，並伴隨多個重點市場的上市。第二型糖尿病的給付。是的，我認為就第二型糖尿病給付而言，口服藥物可能讓我們處於稍微更有利的位置。而且就我們目前看到的 orforglipron 數據（ACHIEVE-3 的頭對頭試驗），其價值主張相當具吸引力。不過，我們也知道美國以外的給付一向需要時間。因此，在上市當下的重點將放在慢性體重管理，並建立在我們迄今在美國與阿聯酋累積的經驗之上。

Great. Thanks, Patrick. Dave, your comment on close?

很好。謝謝你，Patrick。Dave，你要做結語嗎？

Yeah. Thank you all for joining us. We always appreciate your participation in our earnings calls and your interest in Eli Lilly. As usual, please follow up with the IR team if you have questions we didn't have a chance to get to you today, and have a great day. Thanks.

好的。感謝各位加入我們。我們一向很感謝各位參與我們的法說會（earnings calls），以及對禮來（Eli Lilly）的關注。如同往常，如果你們今天有問題我們來不及回答，請與投資人關係（IR）團隊後續聯繫，祝各位有美好的一天。謝謝。

Thank you. Ladies and gentlemen, this does conclude our conference for today. This conference will be made available for replay beginning at 1:00 PM today running through September 8 at midnight. You may access the replay system at any time by dialing (800) 332-6854 and entering the access code 606589. International dialers can call (973)-528-0005 and again, those numbers are (800) 332-6854 and (973)-528-0005 with the access code 606589. Thank you for your participation. You may now disconnect your lines.

謝謝。各位女士先生，今天的會議到此結束。本次會議將提供重播，自今日下午 1:00 起至 9 月 8 日午夜止。您可隨時撥打 (800) 332-6854 並輸入存取碼 606589 以收聽重播系統。國際來電者可撥打 (973)-528-0005；再次提醒，電話號碼為 (800) 332-6854 與 (973)-528-0005，存取碼為 606589。感謝您的參與。您現在可以掛斷電話。