Lilly's Obesity Pill Foundayo Misses Q3 Estimates by 19% as Injectables Carry the Quarter
LLY sits 69% above its 52-week low of $809.63.
Summary
Lilly's once-daily obesity pill Foundayo brought in just $184 million in Q3, 19% below Wall Street's estimate, while the Zepbound injectable did $5.4 billion. BMO's Evan Seigerman attributes the shortfall partly to cheaper starting doses versus maintenance doses, with patients expected to move to pricier doses over time. The rest of the quarter was strong: revenue of $24.4 billion beat estimates and the company raised the midpoint of full-year revenue guidance by $5.5 billion. Shares were up 6% Thursday and on track for a new all-time closing high. The pill miss is the one soft spot in an otherwise blowout quarter, and it matters because oral GLP-1s are the next leg of the obesity franchise.
At the time of this announcement, LLY was trading at $1,368.10 on NYSE in the Life Sciences sector, with a market capitalization of approximately $1.3T. The 52-week trading range was $809.63 to $1,408.38. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.