Guidance & Assumptions
Q: What drives the full‐year outlook?
A: Management explained that despite lower-than-planned GLP-1 penetration from compounding, they expect a strong rebound in H2 driven by initiatives like telehealth, the CVS partnership, and robust International Operations, underpinning guidance of 13–21% sales growth.

Compounding Enforcement
Q: How will you curb unlawful compounding?
A: The team stressed that FDA enforcement—expected on May 22—and strict action against illegal compounding, combined with expanded real Wegovy offerings via telehealth and pharmacy channels, are central to their strategy.

Competitive Dynamics
Q: How will Mounjaro affect Ozempic?
A: Management reassured that Ozempic’s established market leadership, solid reputation, and enhanced supply will help it weather competition from Mounjaro, especially in International Operations.

CVS Partnership & Oral Sema
Q: Do CVS decisions limit patient options and what’s the oral potential?
A: Leadership views the CVS collaboration as a win that expands access without exclusivity, while noting that the oral semaglutide opportunity addresses a niche segment for patients preferring a pill over injections.

Political Pricing Risk
Q: Is there a risk of severe GLP-1 price cuts?
A: The executives indicated that, given their exposure is already largely in regulated segments and under active IRA negotiations, any additional price pressure from political forces is expected to be limited.

Pipeline Progress
Q: When does Phase III amycretin start?
A: They expect to kick off the Phase III program in Q1 next year for both oral and subcutaneous formulations, once the upcoming FDA review provides clarity.

Inventory & Transition Rates
Q: How long will compounded inventory last and what’s the shift rate?
A: Management noted that subscription periods vary from 3 to 12 months, anticipating that many patients will transition to branded treatments as enforcement begins to cut off illegal compounding.

Ozempic Outlook
Q: What changes are expected for Ozempic in H2?
A: Despite some slowdown from compounding in diabetes, a renewed focus on maintaining higher doses and extended treatment duration is expected to sustain Ozempic’s market dominance.

Pricing Sensitivity
Q: How does branded pricing compare to compounded versions?
A: Branded Wegovy is priced at about $499 a month—higher than compounded alternatives—but enhanced insurance coverage and patient education should help offset the price difference.

Patient Retention
Q: What is the current treatment stay time?
A: Management reported that the average patient stay is around 7.4 months and is gradually increasing as the benefits of consistent treatment become more apparent.

Commercial Messaging
Q: Why does messaging appear disconnected?
A: Leaders acknowledged that substantial compounded volumes obscure true prescription trends, but reiterated that ongoing robust commercial efforts are in place to capture the market's potential.

Orforglipron Data Impact
Q: What is the impact of orforglipron data on diabetes?
A: While the data are under review, management emphasized that the extensive real-world experience with Ozempic continues to support its competitive position without significant disruption.