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Skip NavigationMarketsBusinessInvestingTechPolitics & PolicyVideoWatchlistInvesting ClubPROLivestreamMenuEli Lilly CEO Dave Ricks gave the bulls a few more things to hang their hats on during an exclusive interview with CNBC. Ricks made clear the lucrative obesity drug market still has plenty of room left for growth, justifying our continued ownership of the stock. Speaking to CNBC’s Annika Kim Constantino on Monday, the veteran CEO pointed to a surge in new Medicare patients, strengthening momentum for its recently launched weight-loss pill Foundayo, and international expansion as three reasons the opportunity is getting bigger. These are all encouraging signs for investors in the stock, which has climbed more than 55% over the past year and more than doubled over the past three years. While Lilly has made a string of acquisitions this year in other therapeutic areas, its GLP-1 business treating obesity and diabetes remains the most important driver of the company’s financial performance today. Here’s a closer look at our three big takeaways from Ricks’ interview, which coincided with Lilly breaking ground on a new $6.5 billion manufacturing facility in Houston, Texas. The company plans to make the active ingredient for Foundayo at the site, among others. Medicare is growing the pie The introduction of Medicare coverage for to help seniors pay for obesity drugs is helping expand the obesity market, according to Ricks. He said about 700,000 seniors have started on GLP-1 medications for obesity since July 1, when the government’s senior insurance plan began to cover obesity drugs for the first time. Under the temporary Bridge program, eligible seniors on Medicare can access GLP-1s for obesity with a copay of just $50 per month. Lilly has said that 20 million potential patients are eligible under Bridge, which is set to last through the end of 2027. “It’s very market expansionary, which is what we had hoped,” Ricks said. In other words, many of these Bridge enrollees were not previously paying out of pocket for GLP-1s and switched to a much cheaper way to obtain the medication. They’re new to the class of drugs all together. “Lilly’s doing well in that. We’re capturing about 7 out of 10 of those new patients, and a lot still on Zepbound,” he added, referencing Lilly’s blockbuster injectable weight-loss medication. When Lilly reported second-quarter earnings in early August, the company said it had roughly 61% of the U.S. market for GLP-1s, covering both obesity and diabetes uses, and injectables and orals. That compares to 39% for its main rival Novo, which makes Wegovy for obesity and Ozempic for diabetes. Against that backdrop, Lilly securing about 70% share of the Medicare obesity market is looks even stronger. Gaining ground in orals Zooming out from just Medicare, Ricks said Lilly’s once-daily Foundayo now accounts for “about one out of three new starts” in the oral obesity category, with that share “growing week over week.” That’s meaningful progress from earnings in early August, when management said new starts for Foundayo were at “nearly one in four.” The update Monday shows that Lilly is shaking off its slow start in the obesity pill market and closing the gap on Novo, which secured first-mover advantage in the U.S. after its Wegovy pill debuted in January. Foundayo hit the market on April 9 and early prescription data showed it was off to a sluggish start relative to Novo, disappointing investors who figured Lilly’s dominance in injectables would quickly translate into the oral market. Though Lilly’s pill doesn’t have any food or water restrictions before taking it, Novo’s pill is generally considered to a bit more effective at shedding pounds . Lilly has emphasized that it’s playing the long game with Foundayo and feels comfortable with its competitive standing — an attitude that Ricks reiterated on Monday. “So far, so good,” he said. The expansion of Medicare coverage for seniors is also helping Foundayo’s launch. Ricks said seniors have shown particular interest in oral treatments, and that Foundayo is “doing well” among that population. Lilly has also rolled out consumer advertising for the drug, including its Martha Stewart campaign, as it works to build awareness and educate physicians around the new obesity treatment. Sailing in international waters Foundayo is going global, adding to its sales potential. Wall Street expects Foundayo to bring in $261 million in sales in the three months ended in September, and $553 million in the October-to-December period. Revenue in the June quarter, its first on the market, was $98 million. “We’ve also launched in four or five international markets, and we expect many more in the next six months,” Ricks said. Foundayo was approved by U.K. regulators in August, two months after the Wegovy pill received clearance in the country. Foundayo became available in the United Arab Emirates in the spring. “International is a big part of the oral GLP-1 story because of capacity and the efficiency in which we can make this medicine,” Ricks added. The needle-free alternative also does not have the same refrigeration requirements of injectables, making orals a better fit for certain international markets. Ricks noted that Foundayo will eventually be produced in Texas and then shipped around the world. (Jim Cramer’s Charitable Trust is long LLY. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. 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