Eli Lilly Direct-To-Consumer Push Shouldn't Worry Distributors: JPMorgan
1. LillyDirect's model pressures compounding pharmacies but not distribution volume. 2. JPMorgan analyst sees minimal impact on pharma distributors from GLP-1 shift. 3. Only 5% of Zepbound prescriptions may go through LillyDirect by 2025. 4. Teladoc may benefit from integrating LillyDirect into its weight program. 5. The cash-pay GLP-1 trend pressures pharmacies without major supply chain disruption.