Eli Lilly said Wednesday that roughly 700,000 new Medicare beneficiaries have begun taking GLP-1 medications since coverage expanded, with about 70% starting on Lilly's drugs, according to figures disclosed by chief executive David Ricks.

The uptake follows Medicare's broadened reimbursement for GLP-1 receptor agonists in treating obesity-linked conditions, a policy shift long sought by drugmakers. Lilly's Zepbound and Mounjaro, alongside Novo Nordisk's Wegovy and Ozempic, dominate a market that analysts at several banks value in the tens of billions of dollars annually.

Ricks said the pace of new prescriptions had outstripped internal projections. Lilly is expanding manufacturing capacity to meet demand among older patients managing type 2 diabetes, cardiovascular risk and obesity, and has invested heavily in US injectable and oral production sites.

The figures intensify competition with Novo Nordisk, which has faced supply constraints and pricing pressure. Health economists at the Kaiser Family Foundation and similar institutions have warned that broad Medicare coverage of GLP-1s could add billions to federal drug spending, raising questions for the Centers for Medicare and Medicaid Services.

Lilly's disclosure comes as the company rolls out newer treatments and defends its market lead against biosimilar and oral competitors expected in coming years. Investors have closely tracked GLP-1 prescription momentum as a driver of Lilly's valuation.