Eli Lilly’s oral GLP-1 is going to change how the obesity market can scale.

In this episode of Pitch the PM, Doug Garber speaks with Sriker Nadipuram, a founding member of Critical Value Asset Management, a long/short equity fund focused on biotechnology and pharmaceuticals. Doug and Sriker unpack why oral delivery matters for access, and long-term earnings power. The discussion focuses on how behavioral friction, PBMs, pricing mechanics, and policy all shape adoption, often more than clinical data alone.

Topics include:

Why obesity drugs are a penetration story, not just an efficacy story
How PBMs influence which drugs patients actually receive
Why list prices are misleading, and how direct pricing changes access
What’s priced into LLY today, and what may not be

👉 Doug shares his full Variant View exclusively in Buy-side Insights, the official PTPM newsletter. Subscribe to get the complete framework.

👉 This episode is supported by Carbon Arc, an alternative data platform that gives investors access to real-world transaction and behavioral data to better understand adoption, pricing, and demand. Learn more at https://www.carbonarc.co/welcome

🛑 Disclaimer

This conversation is for educational purposes only and does not constitute investment advice. The participants may have positions in securities mentioned and are under no obligation to update their views. Please consult a financial advisor before making investment decisions.

EP 021: Make America skinny again? The oral GLP-1 opportunity at Eli Lilly ($LLY)

Pitch The PM

EP 021: Make America skinny again? The oral GLP-1 opportunity at Eli Lilly ($LLY)