This quarter's results exceeded expectations, mainly due to the continued strength of the GLP-1 product portfolio (Mounjaro/Zepbound) and the positive early performance of the new oral drug Foundayo, prompting the company to raise its full-year guidance.

In the first three weeks since launch, Foundayo has had 20,000 patients treated, and one-third of the 8,000 prescribers had not previously prescribed an oral GLP-1, with 80% of prescriptions being new patients. Medicare Part D will be activated in July, and with a low price of $50 per month, it is expected to expand coverage among the elderly population.

In terms of business progress, Foundayo is advancing HCP education, channel access, and consumer promotion, with DTC/TV advertising expected to launch in the third quarter. Meanwhile, the company is expanding into new areas through the acquisitions of Centessa (sleep-wake) and Orna (immune reset). The Bridge agreement has been extended to 2027 to ensure access during the Medicare transition period.

Management raised full-year guidance, driven by the entire product portfolio (especially the incretin business in the US and internationally). Foundayo's early trajectory is in line with expectations, and volume is expected to accelerate in the second half of the year.

Highlight signals: Management's tone was positive about Foundayo's expansiveness (attracting new patient types) and its "no-trouble" oral characteristics; emphasized that the immunology, neurology, and oncology businesses are also growing rapidly, with a clear long-term growth path.