FDA approves Eli Lilly's GLP-1 pill, opening the next phase of the weight loss drug market
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The FDA approval of Eli Lilly's GLP-1 pill Foundayo comes nearly three months after Novo Nordisk's oral version of Wegovy hit the market.
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In this article LLY Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 22:24 22:24 Eli Lilly CEO: Our pill supply can 'reach the planet' News Videos The U.S. Food and Drug Administration approved Eli Lilly 's GLP-1 pill, the company said, a major milestone for the Indianapolis-based drugmaker and one that will test the market for new weight-loss medications. Lilly said the once-daily pill, Foundayo, will start shipping from direct-to-consumer platform LillyDirect on Monday and will be available at pharmacies and on telehealth platforms "shortly after." People with insurance coverage could pay $25 a month with a coupon from Lilly, while people paying out of pocket could pay between $149 and $349, depending on the dose. The approval comes just a few months after Lilly submitted the drug to the FDA as part of a program that grants speedy reviews for drugs that are considered national priority interests. That means Lilly will introduce its Foundayo only about three months behind Novo Nordisk's Wegovy pill , setting the stage for the next battle between the rival drugmakers in the next frontier for GLP-1 drugs. "It's a big moment," Eli Lilly CEO Dave Ricks said in an interview with CNBC. "We've obviously been working in this category of medicines for a while with the first GLP-1 medication 20 years ago and improving ever since. Here is an option that's not more effective ... but it's more accessible, it's easier to fit into your daily routine." Lilly licensed the molecule, orforglipron, from Japanese drugmaker Chugai in 2018, paying just $50 million upfront for global rights to the drug. It doesn't produce as much weight loss as Lilly's best-selling shot Zepbound, which raises questions about how big the drug will become when millions of people seem content injecting themselves once a week. Eli Lilly Foundayo GLP-1 Weight loss pill. Courtesy: Eli Lilly Analysts estimate Foundayo sales will reach $14.79 billion by 2030, according to FactSet. That compares to ...
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