Lilly's Foundayo Posts Modest Second Week Sales, Significantly Trailing Novo's Oral Wegovy
LLY sits 41% above its 52-week low of $623.78.
Summary
Eli Lilly's newly launched oral obesity pill, Foundayo, recorded a modest second week of prescriptions, significantly underperforming analyst expectations and rival Novo Nordisk's oral Wegovy launch. Foundayo saw 3,707 prescriptions in the week ended April 17, which is only about 20% of what oral Wegovy achieved in its comparable second week. This initial commercial data, following Foundayo's official launch on April 10th, raises concerns about Lilly's ability to capture market share in the highly competitive obesity drug market, as analysts had hoped for closer to 8,000 prescriptions. The stock reacted negatively to the news, trading nearly 4% lower. Investors will closely monitor future weekly prescription data to assess if Foundayo can accelerate its ramp-up and narrow the gap with Novo Nordisk, despite Lilly's earlier caution about interpreting early figures.
At the time of this announcement, LLY was trading at $880.68 on NYSE in the Life Sciences sector, with a market capitalization of approximately $832.1B. The 52-week trading range was $623.78 to $1,133.95. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.