Eli Lilly’s stock price jumped after the Biden administration proposed expanding Medicare and Medicaid coverage for anti-obesity medications, potentially boosting sales of drugs like Mounjaro and Zepbound. The move aims to reduce healthcare costs and combat obesity.
Eli Lilly and Company (LLY) stock plummeted on Wednesday after the pharmaceutical giant reported weaker-than-expected third-quarter earnings and slashed its 2024 guidance. The company attributed the decline to increased research and development (R&D) costs and a decline in Trulicity sales. Despite a 20% year-over-year revenue increase, the company missed analysts’ expectations, leading to a significant drop in its stock price.
