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Umar Rafat

Research Analyst at Evercore

Umer Raffat is Senior Managing Director at Evercore ISI, leading the large cap therapeutics research effort focused on major pharmaceutical, specialty pharmaceutical, and biotech companies. He covers leading firms such as Amgen, Gilead, Alkermes, Apellis Pharmaceuticals, Rapt Therapeutics, and Roche, and has achieved the number-one spot on Institutional Investor’s analyst rankings nineteen times, with success rates ranging from 38% to 56% and a career average return around -4% to -11%. Raffat began his career at Deutsche Bank in 2010 under Mark Schoenebaum, joined Evercore ISI the same year, and has been recognized by the Institutional Investor Hall of Fame. He holds a biology degree from the University of Texas at Arlington, a master’s in global health economics from Harvard School of Public Health, and is registered for professional securities analysis, though specific FINRA license details are not publicly confirmed.

Umar Rafat's questions to ELI LILLY & (LLY) leadership

Question · Q3 2025

Umar Rafat asked about GLP-1 pricing, specifically for orforglipron, and whether recent actions and changes by Lilly's main competitor suggest they might no longer be a 'mature player' from a pricing perspective.

Answer

Lucas Montarce, CFO, noted that Q3 pricing performed as expected, with no significant erosion after the CVS move, aligning with full-year guidance. He emphasized Lilly's commercial and product differentiation, citing Lilly Direct's consistent pricing ($349-$499) and continued market penetration despite competition, indicating no material change in dynamics.

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Question · Q3 2025

Umar Rafat inquired about GLP-1 pricing, specifically Eli Lilly's orforglipron pricing frameworks, and whether recent actions by a main competitor suggest they will maintain a mature pricing strategy.

Answer

Lucas Montarce, Chief Financial Officer, noted that Q3 pricing performance was as expected, with no significant erosion after the CVS move. He highlighted the stable pricing of Zepbound on Lilly Direct as a benchmark, indicating that market dynamics are not materially changing.

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