Truist notes Eli Lilly (LLY) announced that Zepbound, marketed as Mounjaro for type 2 diabetes, was approved for obesity and excess weight not including diabetes. Zepbound’s list price of $1,059.87 comes in at a discount to Novo Nordisk’s (NVO) Wegovy and should support commercial potential, in the firm’s view, given cost is a factor in patients’ choice of GLP-1 medication. Truist remains bullish on Zepbound/Mounjaro and remains differentiated versus the Street. The firm models peak global Zep/Mounj sales of $44B vs. $22B consensus. Additionally, Truist likes that Lilly chose a differentiated product name for obesity indication in light of expected IRA impact. Overall, the firm believes Zepbound is differentiated on data and safety profile that should allow it to take significant market share in the obesity market, which could be up to 40% U.S. population. Truist has a Buy rating on Eli Lilly’s shares with a price target of $650.
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