Tim Anderson

Chris declined to give long-term guidance specifics but reiterated focus on shallow/short trough and exiting decade with growth. Emphasized commercial execution, pipeline, and financial flexibility.

Chris avoided directly addressing specific prior comments. Redirected to broad focus on execution across commercial, pipeline, and financials.

Chris declined long-term guidance, stating philosophical focus on annual accountability. Committed to shortening trough depth through pipeline acceleration and BD.

David deflected, noting transfer pricing is tax-law driven and should not be confused with tariff exposure. Declined to name specific brands.

Chris confirmed general trough timing but declined long-term guidance, emphasizing actions to mitigate depth and duration.

David noted $500M FX headwind not in consensus closes most of the gap. Minor differences driven by legacy portfolio declines.

Ilya noted IRA price only applies to sema in Part D starting 2027 and that Medicare Part D is a small proportion of Lilly volume. Emphasized tirzepatide's head-to-head superiority as foundation for value-based discussions. Dave added distinction between single-acting and dual/triple-acting GLP-1 categories.

Ilya pointed to strong vial performance (1M+ TRx in Q2, 20% of overall TRx) and 65% share of new therapy starts as evidence Zepbound competes well even with compounders/generics.

Patrik said one-of-one is rare in obesity today. Noted strong net switch momentum to Zepbound and plans to continue executing across PBMs, Medicaid, and self-pay.

Lucas directly confirmed guidance assumes continuation of 2024 TRx trajectory, not acceleration.

Rob Michael declined to comment on Vraylar negotiations (prices public in November) but highlighted Venclexta now exempt from IRA via expanded orphan drug exemption in One Big Beautiful Bill Act. Jeff Stewart characterized GLP-1 impact on aesthetics as net neutral, with potential filler tailwind offset by macro issues.

Jeff Stewart acknowledged DTC reform uncertainty but noted ability to pivot to disease awareness and other channels. Roopal Thakkar said no mechanisms ruled out for obesity combinations.

Carrie Strom acknowledged GLP-1s are a near-term headwind for higher-priced fillers via share-of-wallet competition but a long-term tailwind through new patient activation at aesthetics practices.

Rob itemized $50B+ opportunity set ($25B oncology, $15B cardiometabolic, $5B HIV, $5B immunology, plus Animal Health) but declined to commit to a specific trough year.

Rob again deferred on formal long-term guidance, citing the $50 billion plus pipeline opportunity as the framing.

Rob deferred on long-term guidance and emphasized pipeline proof points over quantified targets.

Bourla noted both products lose patent in 2027, making NPV impact minimal; legally unable to disclose negotiation specifics.

Bourla outlined 232 national security focus, distinguished friendly vs adversary countries, expressed cautious optimism from productive discussions with administration.

Baum agreed obesity requires multiple modalities and delivery devices, confirmed active evaluation of portfolio opportunities, but gave no specifics on targets or timelines.

Chris noted choice depends on patient profile and physician preference. Emphasized no switching observed and the priority for both companies is expanding the total market beyond 12,000-13,000 patients.

Mike confirmed $200M dollar-for-dollar R&D expense reduction in 2025 guidance. Chris noted it is a one-off model but useful for spreading risk across more pipeline assets.