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Eli Lilly Stock Falls After FDA Rejects Alzheimer’s Drug

Shares of Eli Lilly were down midday Friday after the company said U.S. regulators rejected its proposed new Alzheimer’s disease treatment!

The U.S. Food and Drug Administration said it needed more data from clinical testing, according to the company.

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FactSet chart on Lilly stock

Lilly’s stock was down about 2% Friday afternoon, as the major indexes gained. Lilly’s stock had advanced in recent months, partly on expectations that the drug could generate multibillion-dollar sales.

Lilly had been hoping for an accelerated FDA approval of donanemab early this year. Now, a midyear filing of a standard drug application means an FDA decision could be pushed back into 2024, based on typical FDA timelines of taking six to 10 months to review new drug applications.


Image:Lilly inc.