Eli Lilly’s shares plummeted 14% after the company reported results for its obesity drug, Orforglipron, which fell short of expectations. The late-stage trial showed an average weight loss of 12%, below analysts’ predicted 15%, although 59% of patients lost at least 10% of their body weight, and nearly 40% lost at least 15%. This news contrasted with Novo Nordisk’s earlier weight loss results for its drug Wegovy, which averaged 15% weight loss.
Eli Lilly’s CEO defended the trial results, stating they aligned with consumer expectations. The setback in Eli Lilly’s stock marked its largest daily drop since 2000, while Novo Nordisk’s shares rose over 7% in response to the disappointing data. Eli Lilly plans to seek regulatory approval for Orforglipron by year-end, while Novo Nordisk is awaiting FDA decisions for its treatments, expected in 2025. The competition in the weight loss drug market intensifies among major pharmaceutical players.
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