Biotech Values

[Mufaso]

Eli Lilly smashed forecasts as Mounjaro sales were up 652% to $1.41 Billion for the September quarter alone. LLY closed up approx. 4.6% on the quarterly report good news for Mounjaro. Mounjaro is only currently approved only for type 2 diabetes but I have to believe some significant off label use for weight loss is occurring now. Note that mostly all other news for the company was in line to negative.

https://www.investors.com/research/ibd-stock-of-the-day/eli-lilly-stock-eli-lilly-earnings-q3-2023/?src=A00220

Here are some select quotes from the article:

Eli Lilly (LLY) is Thursday's IBD Stock Of The Day as shares surge after the drugmaker crushed Wall Street's quarterly forecasts on the back of "explosive" growth for diabetes blockbuster Mounjaro.

Mounjaro is a rival of Novo Nordisk's (NVO) Ozempic. Lilly is hoping the Food and Drug Administration will soon sign off on Mounjaro as an obesity treatment. This would allow Mounjaro to also compete against Novo's weight-loss behemoth, Wegovy.

In the September quarter, Mounjaro sales skyrocketed 652% to $1.41 billion. That handily beat calls for $1.28 billion, according to FactSet..."Unfortunately, the majority of Lilly's products failed to meet Street expectations as U.S. pricing, excluding favorable dynamics tied to Mounjaro, declined in the high single digits,"

Less promisingly, Lilly now expects the FDA to make a decision on approving its potential Alzheimer's treatment in the first quarter of 2024, vs. prior expectations for this quarter.