Eli Lilly (LLY) could see higher highs.
All as new obesity drug trial results set it up for potential US FDA approval. In fact, in recent trials, patients with Type 2 diabetes lost 15.7% of their body weight within 72 weeks, according to the company.
In addition, Eli Lilly noted that “The study met both co-primary objectives and all key secondary objectives for tirzepatide compared to placebo for both estimands. Those taking tirzepatide lost up to 15.7% (34.4 lb. or 15.6 kg) of body weight for the efficacy estimand. SURMOUNT-2 is the second global phase 3 clinical trial that evaluated the efficacy and safety of tirzepatide for chronic weight management. The trial evaluated 938 adult participants with obesity or overweight and type 2 diabetes.”
LLY last traded up $8.78 a share to $385.12.
Also, LLY missed on recent earnings but raised its full-year guidance. Adjusted EPS came in at $1.62, as compared to expectations for $1.73. Sales came in at $6.96 billion, as compared to estimates of $6.86 billion. Eli Lilly also raised its guidance for the year, now expecting revenue of between $31.2 billion and $31.7 billion, compared with its previous projections of $30.3 billion to $30.8 billion. The company increased its adjusted earnings guidance to $8.65 to $8.85 per share for the year, up from $8.35 to $8.55.
