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.