Eli Lilly stock jumped 2.7% to a new high. The stock jumped more than 17% on strong earnings last week.
Eli Lilly raised its full-year guidance as second-quarter profit jumped 85% from the same period a year ago on strong sales from the pharmaceutical giant’s drug pipeline.
Importantly, Novo's news could help make the case for broader insurance coverage of GLP-1 drugs Wegovy and Mounjaro. These drugs mimic a gut hormone tied to feelings of satiety and how quickly the stomach empties itself. They can also improve markers of type 2 diabetes.
Mounjaro isn't yet approved in obesity treatment, though Lilly hopes to win that nod this year. Novo, on the other hand, sells its drug semaglutide as a weight-loss medicine called Wegovy. It also sells it as diabetes drugs Ozempic and Rybelsus.
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