ELI LILLY & Co (LLY) June 9, 2026 Conference Transcript

All right, let's get right into our next session. Very, very excited to have Eli Lilly here with us. Ken Custer, EVP. We were joking before, you know, someone who dominated ADA. He looks well. Mike Zappar, thank you again for being with us. You know, Ken, let's just get straight to the discussion just to tee you up high level, and we're going to talk about, you know, a lot of your programs and your products, But I want to start at sort of 10,000 feet, so much happening in obesity, very dynamic field that Lilly is really trailblazing and at the leading edge of where this market is Talk to us about, you know, what's been most surprising to you in terms of how this market is developing and what the landscape might look like in, call it, five years.

First, great to be here and great to see everyone. You know, we're in a very privileged position right now to, you know, have been a part of the earliest innings of this, you know, vibrant and growing obesity category, but the reality is is despite the fact that we have millions of people on these medicines in the United States, maybe tens of million more outside the United States, there are plausibly billions that could benefit from these medicines. We're like in the infancy of this space, and so the thing that has surprised me so much is the scale of both what we have to accomplish, but also the legacy we could create as an industry in terms of transforming human health for the better. And so the biggest thing that I've really been focused on, and I think our ADA message was centered around this, is that as we look ahead, what do we need to do in order to unlock this bigger opportunity and help more people and go from 3% total penetration to something much larger than that? We need to do a number of things. We need to drive cultural change, recognizing obesity is a chronic disease worthy of long-term treatment. We need to facilitate access and reimbursement. We need to educate the primary care community on how to manage, because they're going to bear the brunt of managing such a large population. We need to invest in manufacturing, as you've heard Lily talk about a lot in the past. And the thing we got to at ADA is we also need to give people options, because it's completely unreasonable to think that a population measured in the hundreds of millions or even billions will be satisfied with one thing. This is not going to be a one-size-fits-all category in the future. Lilly was very proud to become a two-product company in obesity in April. And at ADA, we also shared data on what we expect will be our third medicine in the treatment of obesity that's retichutide, our investigational triple receptor agonist. And we shared data on how that medicine works in diabetes, obesity, as well as other complications, including osteoarthritis knee pain and obstructive sleep apnea. and, of course, we shared a lot more new data on Fundeo. So we are really trying to bring forward the broadest suite of solutions for people with overweight obesity and other cardiometabolic conditions for the future.

So that's a great, you know, starting point then, Ken. Let's start with Reda. Obviously, great data at ADN. We certainly don't have to go through all of it again. I'm not going to put you through that, but highlight, give us some of the key takeaways that, you know, you'd like to double-click on.

Well, we shared data on two Phase III studies for retitutide. We actually now have three positive Phase III studies after the Triumph 4 results that we disclosed last December. The studies that we shared at ADA this year, the Transcend T2D1 study of type 2 diabetes, that's in monotherapy setting, and in that study we showed up to 2% HB1C lowering, very competitive with the existing best-in-class agents in the treatment of diabetes, And importantly, we also showed a 17% body weight reduction at the highest dose, which I think moves the goalpost on weight loss in diabetes, particularly in such a short Likewise, we also shared data from the TRIUMPH-1 study that was in patients with overweight and obesity. It was a basket design that included sub-studies for osteoarthritis knee pain and obstructive sleep apnea. In this trial, we saw across the broader population up to 28.3% weight loss after 80 weeks. and for patients who continued on to 104 weeks on therapy, they lost up to 30.3% of their body weight while also delivering impressive reductions in osteoarthritis knee pain, about a 73% reduction, as well as relief from obstructive sleep apnea with more than a 60% reduction in events. So this is a very powerful medicine, and with the highest doses, this is unlocking levels of weight loss that we've historically only seen with bariatric surgery. But also, there was something else exciting in the data, which is that there's a 4-milligram dose of retitutide to be included. And then on that dose, patients lost 19% of their body weight, which is not bad, competitive with our other dual agonists. And they got there with just a single-dose titration step. And importantly, they discontinued due to adverse events on that dose at a rate that was nominally lower than placebo. So I think in totality, what these data say about retitutide, which could be Lily's third approved obesity medicine that not only could it deliver the most powerful efficacy that we've seen thus far from an agent, but also at the lower doses, it could be a real workhorse in the treatment of obesity, offering really a lot of simplicity, near 20% weight loss, low discontinuation rate, simplicity with a single-dose titration step. So I think RETA can fill a lot of spaces in the treatment of overweight and obesity going forward, and we were delighted to share these results with the community.

So let's stay with that thought. the 4-milligram dose certainly was one of the things that got a lot of attention, got a lot of our attention, and, you know, Red Hat, the way I think about it, you've just got such a range, right, at the highest, at the 12-milligram dose, you're getting weight loss that's approaching 30%, bariatric step-bound-like efficacy at the 4-milligram dose with just one step step-bound. So I guess in that context, one question that people are starting to ponder is just on the potential for broader use of RedA beyond just the niche, highest BMI, morbidly obese, bariatric surgery, patient population, which is really how we've all been modeling this drug. So talk to us about, with this range of data, how you see where RedA is going to be positioned within the context of the overall portfolio.

So I think at the high end, when you're unlocking, weight-lowering, approaching or even exceeding 30% at 104 weeks, with really strong benefits on common comorbidities like osteoarthritis, knee pain, and obstructive sleep apnea. That's a new standard for efficacy, and I think it's pretty obvious how that part of the drug gets used. People have been waiting for something for those patients who aren't even getting what they need from the state of the art with ZEP bound. So that story I think is well understood. I think introducing the idea that this could be a molecule that plays a much broader role, including earlier in disease, that was a new part of the story, and, you know, given the size of the number of people that need help and need new aid, you know, options, we think it could play a pretty broad role. And, you know, I think up until now we haven't always been able to match or predict which medicine is going to work best in which person. So the idea of having a medicine like Zephound and a medicine like retitutide that can help those patients, that's a good thing.

But on that same point, again, one question that, you know, Now, as we think about the commercial opportunity, another emerging question in people's minds is whether Redder will be cannibalistic to the franchise or will it be additive to the trisepatide franchise. So, you know, help us thread that needle.

I mean, if you go back to the idea that we're sort of serving like 3% of the total addressable market right now with these obesity medicines, you know, probably fixating on probably not as productive as thinking about how we unlock the remaining 97%. But honestly, if a patient wants to move from one great lily medicine to another really great medicine, I'll celebrate that and help them do it through the offerings that we have. My goal is to bring forward a suite of solutions like Fondeo, like Zepound, and eventually Reditrutide, and even other investigational agents like Alorelintide, present them to people living with overweight and obesity or other cardiometabolic health conditions wherever they are in their journey, and help them start, stay, and switch between these agents through a common platform. and maybe someday, rather than worrying about whether they're taking Reditrutide or Zephound or Foundeo, they'll just be taking Lilly for overweight and obesity.

So you think this is going to create an unlock on top of the franchise more than? Similarly to how sort of when the orals emerged, is that sort of?

I really do, yeah. Obviously the orals are emerging. You know, that's clearly sort of a new segment on the market that's driving a lot of people who have previously not been using incretins, bringing them into the fold because they've clearly been waiting for something like this that fits with their individual preferences. But I do think that by being a sort of weight loss partner with a broad suite of solutions, you know, will be the company that people want to work with.

And I think another thing with VEDA that certainly impressed us, as I think it did a lot of people, is just the cardiovascular benefits. I mean, you know, you've got LDL-C roaring and many other markers that you showed at the ADA presentation. Talk to us about, you know, how that impacts the positioning of the drugs So maybe double that.

You know, certainly we have results from three phase three studies right now, and we've seen what we would expect from a powerful incretin, which is a great weight lowering along with reductions in non-HDL cholesterol, you know, reductions in C-reactive protein, blood pressure, all of the things that would be historically associated with cardiovascular risk reduction are moving in the right direction. Of course, we won't have a read on cardiovascular safety until we see the TRIUMPH-3 data. Those are coming later this year. But then, more importantly, we have the TRIUMPH outcome study running, which is a more fulsome cardiovascular outcome study that includes cardiovascular and renal endpoints. But right now, nothing we see in the data suggests to us that it's not going to bring forward the benefits that you see in the singular dual agonists.

And now that the launch is planned as a 2027 event, what can you tell us in terms of just high-level pricing strategies?

Yeah, obviously too early to speculate on pricing here. We obviously price in accordance with value, and this looks like a pretty valuable medicine. But at the same time, we have broad aspirations to help a lot of people on this planet reach their individual health goals. And to do that, we're going to need to create access, and we'll do what we need to do to create that access.

And if this drug were to scale at the way you're describing, create this additional unlock, Talk to us again about, you know, supply and capacity constraints. Is the manufacturing process fungible with trisepatide?

Well, maybe let's start with, you know, we've been very focused on creating a highly scalable solution with FoundAO, which we can, I guess, talk about in a bit. But for patients, you know, who may be graduating from an oral agent to a medicine like Zepan or retitrutide, we've been aggressively investing in production capacity to support them as well. In fact, a little over $50 billion in manufacturing commitments announced since just 2020, and a significant portion of that is centered on our incretin medicines and our parenteral endocrine medicines. So we're making those investments. It will be on a common platform, which means that, you know, we can support whatever sort of mix of trisepatide, retitutide, and eventually alloralintide ultimately proves to be, you know, proves out in the market.

And I guess, you know, we've seen a lot of online awareness already about retitutride. There haven't been a lot of investigational drugs. It's so much early, you know, consumer attention, a bit of a gray market as well, if you will. How does that impact how you think about the launch and the positioning of the product?

Well, certainly, you know, it's probably the most extreme example we've seen that tells us there's a lot of experimentation in this category. And so while we don't condone the use of sort of gray market retitutide, which, frankly, you don't even know what it is or where it's coming from, and we haven't even finished running the pivotal program yet, you know, it does remind us that there's a need for additional options. And so, you know, we're obviously optimistic about this molecule, and we look forward to bringing authentic, lily-branded retitutide to people around the world as soon as we can. But, you know, like I said, good reminder that people are looking for additional options.

Okay. I'm going to pause there and see if there's any questions on radar from the audience. Let's keep moving. Let's talk about Elora Linatide, another very exciting program that seems to be moving very fast. You mentioned it's potentially becoming one of the largest development programs in Lilly's history, which is a very intriguing comment, and it feels like this is starting to emerge as a long-term platform asset. So, you know, give us a high-level framing on what makes you so excited about Elora. It's differentiation versus other Amlin. that's positioning just high-level first.

Yeah, I'm tremendously excited about aluralintide. We have known about amylin for a long time. In fact, the first amylin analog and the first GLP-1 analog were approved around the same time, pramlintide and exenotide, but it's taken us a little bit longer to get to a long-acting amylin with the molecular properties that we think we need for it to be the right clinical profile. Amylent's actually a reasonably complicated biology. There's sort of calcitonin receptors and the three different flavors of amylent receptors, and I think it's becoming increasingly clear to us at Lilly that the different molecules are not all going to be the same, and there are things about these different efforts that Lilly and other sponsors in the industry are doing. They're not all going to be the same, and we like what we're seeing with Allure Lentide. We shared clinical data at Obesity Week last year, phase two data showing that patients with overweight and obesity lost about 17% of their body weight on our sort of titrated 3, 6, and 9 milligram dose. And yet, despite losing 17% of their body weight, they had a vomiting rate of just like 2%, which suggests to us that this could be a new important medicine in the treatment of overweight and obesity that becomes an option for those 5% to 10% of patients in our trials who just can't continue due to GI adverse events. So to have a non-GLP1-based mechanism out there feels really important, something that delivers incretin-like efficacy with placebo-like tolerability. That's the goal. So we see that allure lintide could be a foundational agent, certainly for that 5% to 10% of people, which, by the way, 5% to 10% of the obesity market is a sizable group of individuals. But we're also developing it as a potential add-on therapy for patients currently on incretin therapies to help them get to gold through additional beneficial pharmacology. There's even some Nilex, you know, indications or new indication ideas with amylin where it might work better than incretins. I'm not going to speak about those yet, but you can expect that we'll continue to add to our development program for a lower length time.

And maybe just as we think about this commercial strategy, and like you said, it's a little early to talk about that, but will you position it as an option for people who are not tolerant to GLP-1s, those who plateau on incretins or the broader naive population? These are all very different patients.

Yeah, I guess it gets to the broader questioning we're having about positioning with RETA as a powerful agent, but also a flexible agent, a simple agent. Here with Allura, it could be for patients who don't tolerate GLP-1s or who aren't getting enough from GLP-1s, and then some other ideas that they're working on. I think we're going to have to get comfortable with the idea that as we bring forward really innovative medicines in a category this big, that we have to sort of position them for multiple different use cases and be really clear how to support all those different uses. So I expect to do that.

And if the tolerability profile that you saw in phase two holds in the phase threes, you know, what's the level of weight loss that you think would be enough to make it really differentiated versus the current medications and also other candidates in the pipeline?

Well, certainly as a monotherapy, I think if you can get into the high teens and have a clear, you know, differentiation on GI tolerability, that's a meaningful medicine. You know, as you think about alternative use cases, combination with incretins, you're looking for slightly different things in that context.

And then I guess similar question to Red Eye as it relates to manufacturing. Are there any fill-finish constraints that could constrain supply as the product scales?

Again, so Alureland Tide, Trisepa Tide, Red Eye True Tide are on common platforms. And so, you know, our goal is to forecast the aggregate injectable incretin market and make sure we build for that capacity, but we can tolerate fluctuations between the molecules within that stack.

And you're also studying Elora in combination with presuppetide. That Phase II B study, I believe, has a PCD primary completion date of sometime this month, June 26th. Is that right? Right? So, and the study is going to be reading out later this year. What should we be looking for? What would constitute a positive outcome in your view?

Well, we've teased that we do expect to disclose data on that program later this year. As you noted, I guess if you take a step back and say, you know, we have single agonists, dual agonists, triple agonists with ratoshootide, why do we need another triple agonist? Well, one of the things on my mind is that GIP, GLP-1, and amylin feel like three, like maybe ultimately the three best nutrient-stimulated hormones to put together into a medicine. and the idea that, you know, maybe you can sort of lightly agonize three pathways rather than blasting one. I'm a biologist by training, and that appeals to me. Biology is not superhighways. It's, you know, I think this could potentially be a very physiological way to drive weight loss, both for the earlier patient, but obviously, you know, by coagonism of GIP, GLP-1, and amylin, three great pathways, we could probably also drive a lot of weight loss as well. So we'll look, you know, at the data and share them with the community, and there'll likely be a lot of, you know, ways we can think about these combination and protein uses in the future.

I'm going to take a pause there again and see if there's any audience questions on Allura. I'm going to keep going. Let's pivot to long acting. Again, monthlies obviously have become more of a theme, a theme at ADA. Pfizer had some data. You're going to have Maritide, Amgen. More and more companies are starting to chase what seems to be a sliver of a commercial opening in the market. You guys haven't revealed a lot about your own long-acting strategy, although in your ADA slide deck you did reference ultra-long-acting. I'm looking at you, Mike, a couple of times, suggesting that there is a program underway. And about a year ago you did this deal, if I remember exactly a year ago, with a Swedish company called Camrus, really focused on the development of long-acting infant therapies using that technology. So, you know, what's the strategy there, right? Like, where are these long-acting therapies going to fit in the market? How meaningful do you think that differentiation is going to be when you go from weekly to monthly or even longer?

Maybe start by saying we do see a place for less frequent dosing. You know, if you sort of think of all of the plausible segments you can envision in a very large future obesity market, we do think less frequent injections is something that people want. We know people stretch their doses of their existing medicines already and are doing their own experimentation. So I'd love to be able to give them something that was monthly or quarterly that delivered the full sort of profile with just longer time, you know, full spectrum of benefits with longer time action. There's different ways to get to a potential medicine like that. I do strongly believe that molecule properties matter, and I'm not keen to take a weekly drug and overdose it in a way that I might get some partial coverage at the end of a month. So it probably means we're not going to overdose towards Epitide to get there. What we're going to do is bring a more purpose-built effort forward, and that could be an excipient-based or types of collaborations that we do, possibly using different time extension strategies that could get you out into those levels.

When can we expect to start hearing more about those?

You might have seen that sometimes takes the strategy of baking off multiple competing efforts and probably save the sum. Though we might be doing something similar here. But there's many other things we're doing in the early portfolio. We don't often share a ton on those things. Part of that is because, like, I fully expect to terminate some of those things and pick the best one, and I don't like to make too big a news story out of the things that we stopped doing because they just weren't as good. But the other one is, like, we do keep our cards a little bit close to our chest on some of these.

Maybe we can start talking about Fendiio a little bit, Mike. I'm going to start with you because I think, you know, the mindshare on that is really more commercial at this point, although I do want to get into some of the clinical programs. So what can you share with us about the Fundio launch? You know, you guys put out some really helpful metrics in the first quarter that made IQVR data very sort of irrelevant, if you will, because it wasn't capturing a lot of the channels. Just any high-level framing on how things are progressing would be very useful.

Sure. I'll start and get into a few to round it out. Just to remind everybody, FoundAO approved in April. We then began promoting with reps in the field in April. In May, began sampling to really focus on give physicians education and awareness and then give them some initial experiences with new starts. As you kind of wind the tape forward, as we continue to work with the HCP and the physician, we're then wanting to activate the consumer. And so if anyone watched the NBA basketball game last night, the first FoundAO ad was actually released there. So we're starting to begin some consumer channels as well. Access is another piece that we're focused on. So beginning in June, we had coverage on all three of the pharmacy benefit managers. And then beginning in July 1, we'll actually have access as part of the Medicare GLP bridge program. So the launch is tracking. We're focused on the sequence, executing the play, and feel really good about where we're headed.

Nothing to add other than to say, like you said, two months ago, this medicine had zero unaided or aided awareness because nobody knew what Foundéa was. as we've been out really reaching the health care community, driving awareness of this medicine, reception has been very positive, and now we sort of start to turn on some of the other levers. You can't do those things right away. You have to make sure people know what the medicine is before you expect them to start writing it.

And when you turn on those levers, the DTC campaign begins?

Yesterday.

It began? Oh, yesterday.

I don't know if there's any investors in New York, but if people watch the New York Knicks, there was an ad last week.

We had a next party here yet. You missed it. Okay, let's maybe then, Ken, talk a little bit more about the broad program to developing Fondio beyond the Attain and Achieve trials, including potential combination strategies.

So we're investing quite a bit in this medicine, not only to establish it as an obesity medicine, as a starting medicine, but also we've shared data on how Fondio can be used as a maintenance therapy after losing weight on a drug like Wegovia or ZepBound. We shared those data a few weeks ago. We're developing it in type 2 diabetes. We shared those data yesterday at a symposium at ADA from three phase 3 studies showing that in all three of those studies, Foundao outperformed its care compared around both HPA1C lowering and weight. And then as you move to the more sort of non-standard indication set for GLP-1, we are developing for obstructive sleep apnea, for osteoarthritis, knee pain, for peripheral artery disease, for stress urinary incontinence, and for hypertension right now. And there's more things coming. We also have a large global cardiovascular outcome study, which has been initiated. That's the ATTAIN outcome study. So a very robust development plan, and expect more data to come.

And maybe just if I could pivot to another big-picture question there for you, Again, as we are thinking about the oral class, obviously the launch has been much stronger than expectations. I mean, what do you think the volume split could look like over the next several years between injectables and orals? And, yeah.

I mean, I'm hesitant to pick an exact split for you because we're still in early innings, but in the United States you can clearly see that, I don't know, three-quarters or so of patients starting on the oral GLP-1s seem to be new to the incretin category. That's actually exciting in my mind because it validates our hypothesis that there were a lot of people waiting for something like this, and that seems to be playing out. As you move this to international, does that go even higher? I think that's an interesting question. We know there are some markets in Asia, for example, where they're very interested in orals. We get asked all the time, and there's a high degree of excitement for these medicines. So I do think that orals, there's a lot of interest in them, and people will naturally graduate to them. But there's the additional piece of this, which is these molecules are highly, highly scalable. These small molecule, non-peptide, were all GLP-1s. You know, our production capacity is long-term. It's, like, theoretically infinite on these molecules because they use the same technology as a statin or a blood pressure pill. You're using chemical synthesis, and not only is Lilly making large investments in its own production capacity, but there's just a lot of third-party capacity you can tap into on, you know, an existing platform like this. So this is the sort of molecule that starts to open up not just deep penetration into the United States and other developed markets, but starts to make developing nations also pretty, you know, like very reachable. You know, in addition to being easy to produce, they're easy to store and distribute. You know, you don't have concerns with refrigerated, you know, warehouse space or refrigerated trucks or refrigeration in, you know, pharmacy chains. So these are hyper-scalable drugs. And as you think about trying to contemplate positively affecting the health of hundreds of millions or even a billion people with incretins, I think this is the only way you get there.

I want to talk, Ken, about one of your earlier stage pipeline programs that hasn't been getting a lot of attention. Maybe you recently shared Phase 1 data from one of the Verve assets. It's a PCSK9 editor. Just in the context of what we've just talked about, you know, What's the significance of those results, and what role do you see genetic medicines playing in the cardiometabolic space?

Well, as you've seen from Lily, we have a strong belief in nucleic acid-based therapies and genetic medicines, and it's hard for us to imagine a future where ultra-long acting or durable or even lifelong treatments aren't part of medicine, not just in specialty but even in more prevalent conditions in the future. So we're fortunate, Lily, to, you know, have a strong core business, you know, anchored by cardiometabolic health and obesity that allows us to invest in and incubate some of these, I think, more provocative ideas for how we could transform healthcare in very different ways. one of those ideas that you alluded to is our Verve 102 program, which is focused on effectively turning a person who has high cholesterol into somebody who carries a naturally existing loss of function mutation in PCSK9 that's associated with lower cardiovascular events. So we're really just tuning somebody's allele to the beneficial allele, in this case with a medicine that you would just infuse once. And in the trial, you can see patients are getting dramatic reductions in LDL. It may be that you only have to take this therapy once in your life, and you have a LDL of 40 mg per deciliter or something like that, and that's a pretty exciting concept in the future. Of course, maybe you start with patients who have some sort of familial hypercholesterolemia, but then maybe you work your way to secondary prevention where a patient's had a myocardial infarction, and you offer this as a way to sort of just reduce your LDL, so it's one thing less thing to worry about, and then maybe someday you can go and get your PCSK9 inactivated and your LDL permanently reduced, even for primary prevention.

It's going to be fascinating to watch that program develop. Mike, I want to bring you back in in the last few minutes. We haven't talked much about OUS markets. We touched on them a little bit, but, you know, Manjaro had a sizable beat, again, OUS. We recently at Coleman, we raised our OUS TAM forecast just based on the momentum that we're seeing in some of these markets, what can you tell us about how things are going, level of impact from the generics, any quantitative comments, and please don't scold me, that you can share, or any comments you can talk about in terms of the just quarter-over-quarter progression, and what we should expect for the rest of the year.

No, I mean, as Ken said, obesity really is a global issue, and so we've launched Manjaro Now, everywhere in the world, we're at a lot of good momentum for 2025, places like China, Brazil, Mexico, even in different markets in Asia like Korea. We saw some really nice contributions to growth in Q1. And I think what we're seeing and what we're encouraged by is a significant portion of Manjaro outside the U.S. is actually cash pay. So about three-fourths of total international Manjaro sales is cash pay. And what that is encouraging is that it's showing that there's a high willingness to pay and there's a large unmet need that exists outside the U.S. Now, with being fully launched, we've kind of rapidly gained share in a number of different markets. And so for the first time last quarter, we showed the kind of aggregate international Manjaro share of market. And it was north of 50%. Actually, we lapsed it late last year, but we're now kind of squarely above. And so there's still a lot of additional opportunity to increase penetration because a very low percentage of people who are eligible for these medicines are taking it, but we really have done the fast uptake with the share of market, and so the growth from here will really be driven by the market. So a lot of good momentum, a lot of work to still be done, and we also expect next year to have Fundale launched outside the U.S. as well, which will be another catalyst for international as well.

Are you launching in any countries this year? I think you've said there's a few UAE except for maybe Fundale.

We've already launched UAE. In fact, we got the approval 24 hours after the U.S. approval, so great to see that sort of international regulatory acceleration. We've submitted in about 45, more than 45 countries, I think is what we've signaled. The bulk of those happened in Q4 of last year, so you can sort of do the math and expect that we'll be coming up on some pretty significant launch activity towards the end of this year, beginning of next year.

And how should we be thinking about the sort of launch trajectory or U.S.? Is it, you know, similar to the U.S. in terms of what we saw, early doors, are the dynamics different that would support maybe even a quicker ramp?

Maybe start by saying that we're not gating these launches in any way, so we'll launch in all those countries as soon as we have regulatory approval. So that means in many markets we expect to be the first to market oral GLP-1, which I think sets us up for a very strong story in IBU as well as what we're doing in the U.S.

Mike, back to you. Not just in the last minute or so? No, absolutely.

I mean, I think across all of our other therapeutic areas, so oncology, neuroscience, as well as immunology, and some of the new ones that we're adding with are re-entering to infectious diseases. We've got a lot of investment right now and quite a bit of momentum. I'll maybe talk about oncology and then fast back to Ken to maybe talk about some of the other spots as well. But I think oncology right now, we've got a lot of momentum with J. Perko. We keep adding indications, keep having positive trials that read out. Receptivity is really good and a big opportunity for that to be an important medicine. And, you know, we've got olomoracib that's around the corner. We've got actually a lot of assets. If you count them all, there's probably eight different opportunities or indication expansions that we've got some level of clinical validation on and look like they're a pretty good chance of being medicines. Oral serves get discussed to a lot at other companies. We actually have one that's on the market as well, and we've got an exciting readout with Ember 4 that could move us into early-line settings and adjuvants. And then we also just did some recent, we've done quite a bit of business development in oncology as well. So in vivo CAR-T is like a big market idea that if you could potentially have those medicines come to market, it could be used quite a bit. So I mentioned BD, and then maybe I'll pass it back to Ken to talk about, like, infectious disease or even, like, the Synthesa acquisition, because these are really interesting ideas that expand the focus of the company.

I think one of the, you know, things that's great about the position we're in is that we are benefiting from our participation in obesity through our core cardiometabolic health business that generates cash flows that we can then go back and reinvest into future avenues of growth. And that's why you see, you know, so much business development activity.

Jake's been very busy.

I believe we're doing a deal every nine days, but that may be starting to maybe eight days. So obviously, you know, for any of you who've worked in dealmaking, there's a lot of work that goes on to make that happen. So kudos to Jake, but also all of our leaders, you know, that participated in that. And, you know, in cardiometabolic health, we do a lot of technology accessing deals to make, you know, better obesity medicines. And, like, there's not a lot of, like, late-stage substrate in obesity that's transactable for us, you know, because we tend to have most of those things already. But we have been, you know, making some additions to our cardiovascular portfolio through business development. And then, as Mike noted, you know, lots going on outside cardiometabolic health, outside oncology, in neuroscience and test the deal, bringing us into what we think could be a large area with sleep. And then, as Mike also noted, three deals announced just a couple of weeks ago, bringing Lilly, I guess, officially back into the area of infectious disease, where we have had a legacy over the course of our company. So it's great to see this, you know, continued diversification and, you know, identifying future growth drivers beyond obesity.

Well, congratulations on all the progress. Looking forward to seeing the momentum continue and really appreciate your time today, Ken, and hope you get some rest. Mike, thank you for joining us as well.

Thanks for being here.