Stock Track | Eli Lilly Plunges 5% as Lawsuits and RFK Jr. Nomination Spook Investors

Stock Track11-16

Shares of pharmaceutical giant Eli Lilly & Co. (LLY) plummeted 5.03% on Friday, amid a broader market selloff and concerns over the company's legal battles with federal health agencies and the potential impact of Robert F. Kennedy Jr.'s nomination as the head of the Department of Health and Human Services (HHS).

The Indianapolis-based drugmaker's stock took a hit after the company filed a lawsuit against the U.S. Health Resources and Services Administration (HRSA) over the agency's rejection of Eli Lilly's proposed changes to the way it provides drug discounts to hospitals under the 340B program. The company argued that its new payment model would increase transparency and efficiency, but HRSA deemed it inconsistent with the law.

Adding to investor concerns, President-elect Donald Trump nominated Robert F. Kennedy Jr., a vocal critic of the pharmaceutical industry and vaccine skeptic, to lead the HHS. Kennedy has expressed opposition to the new class of GLP-1 drugs for weight loss and diabetes management, which are key products for Eli Lilly and its Danish rival Novo Nordisk. Shares of both companies tumbled on the news, as investors feared Kennedy's potential policies could hamper the growth of these lucrative drug franchises.

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