Key Takeaways
- Eli Lilly shares dropped approximately 2% following disappointing prescription trends for its newest weight loss medication
- Second-week Foundayo prescriptions totaled 3,707, climbing from 1,390 during launch week
- Competitor oral Wegovy from Novo Nordisk achieved 18,410 prescriptions in its comparable second week
- Weekly prescription volume across Mounjaro, Zepbound, and Foundayo decreased 0.3%
- Company retains approximately 59% of weekly new prescription market share in GLP-1 segment
Shares of Eli Lilly retreated roughly 2% Thursday as Wall Street examined fresh prescription metrics from the pharmaceutical giant’s GLP-1 medication lineup — with early Foundayo performance falling short of investor expectations.
The company’s recently launched oral obesity medication, Foundayo, generated 3,707 total prescriptions during its second week of availability. While representing growth from the initial week’s 1,390 prescriptions, the figure significantly trailed Novo Nordisk’s oral Wegovy performance, which captured 18,410 prescriptions during its comparable second week in January.
According to RBC Capital Markets analyst Trung Huynh, the market response seemed predictable. “While we believe comparisons early into launch should be considered immaterial, Foundayo’s uptake this week is likely to be received negatively,” Huynh noted.
J.P. Morgan’s Chris Schott acknowledged the slower trajectory compared to Wegovy but emphasized this outcome was anticipated. Wegovy benefited from earlier market entry and established brand awareness before Lilly’s alternative entered the arena.
Foundayo received regulatory approval on April 1, 2026. The medication became available through LillyDirect nearly immediately after approval, with deliveries commencing April 6. Expanded distribution through retail pharmacies and telehealth platforms launched April 9.
Company executives have cautioned stakeholders against drawing premature conclusions from initial weekly data. Management emphasized that early figures may not reflect complete pharmacy network coverage and should be “best interpreted over time rather than as a complete count.”
Injectable Products Show Resilience
Lilly’s established injectable medications demonstrated more consistent performance. Mounjaro recorded 758,400 total prescriptions during the week ending April 17, advancing from 749,500 in the previous period. New Mounjaro prescriptions reached 367,900, compared with 361,700 the prior week.
Zepbound experienced modest softness. Total prescriptions declined to 615,300 from 632,500, although new prescriptions increased slightly to 350,600 from 346,400.
Across the entire portfolio, Lilly’s three-drug combination (Mounjaro, Zepbound, and Foundayo) generated 1,377,400 prescriptions — representing a 0.3% decrease from the previous week’s 1,381,000.
Competitive Position Remains Intact at 59%
Despite the sequential weekly decline, Lilly preserved its competitive standing within the expanding GLP-1 marketplace. The pharmaceutical company sustained approximately 59% of weekly new prescription market share, matching the previous period’s percentage.
The broader GLP-1 therapeutic category demonstrated continued expansion, registering approximately 32% year-over-year growth.
Morgan Stanley analysts expressed greater confidence regarding injectable product performance. “We see ~6% upside to ’26 M+Z ests,” the investment bank stated, referencing 2026 projections for Mounjaro and Zepbound.
Morgan Stanley continues monitoring both medications as critical growth drivers for Lilly, emphasizing their influence on overall category expansion and competitive positioning in coming quarters.
While Lilly’s equity declined approximately 2%, Novo Nordisk’s American depositary receipts advanced roughly 2% following the same prescription data release — a contrasting market reaction highlighting investor interpretation of the Foundayo-versus-Wegovy dynamics.
Lilly’s injectable products constitute the foundation of its GLP-1 revenue stream, and both Mounjaro and Zepbound prescription volumes maintained positive sequential momentum through the April 17 reporting period.
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