Eli Lilly Stock Heads for Record High
Eli Lilly stock is poised to set a new record high after the company reported a surge in sales for its buzzy diabetes drug Mounjaro.
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Eli Lilly stock is poised to set a new record high after the company reported a surge in sales for its buzzy diabetes drug Mounjaro#biotech #elililly #stockmarkets pic.twitter.com/YsYCzbIjjP
— The_Journalbiz (@the_journalbiz) August 8, 2023
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Sales of Mounjaro, which has also gained popularity for weight loss, came in at $979.7 million for the second quarter, up from $16 million a year earlier when it was introduced. That helped the drug company post-higher-than-expected sales for the second quarter.
Eli Lilly’s stock was up 15% at $523.78 in midday trading, putting the company on track to close with a market value above $500 billion for the first time.
If the company’s shares close at that level, it would also mark a new all-time closing high for the stock.
Anti-obesity medications have taken off within the last year, with drugs like Ozempic becoming near-household names.
Shares in Denmark’s Novo Nordisk, the maker of Ozempic, are up 36% year to date, while Eli Lilly’s stock is up 44%. The S&P 500, in comparison, has risen 17%.
Novo Nordisk stock also surged Tuesday, recently rising 19%, after the company said a large study showed that its anti-obesity drug Wegovy reduced patients’ risk of heart attacks, strokes, and cardiovascular deaths by 20%.
