Skyrocketing demand for weight loss and diabetes drugs has forced Eli Lilly and Novo Nordisk, to invest billions to increase manufacturing capacity.
Eli Lilly reported third-quarter adjusted profit and revenue that missed expectations, sending its stock tumbling roughly 10%
The pharmaceutical giant's blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro posted weaker-than-expected sales, which the company attributed to inventory decreases in the wholesale channel. Eli Lilly also lowered the high-end of its revenue outlook for the year and now expects sales of between $45.4 billion and $46 billion. The company's previous guidance called for revenue of as much as $46.6 billion.The company recorded third-quarter net income of $970.3 million, or $1.07 per share, compared with a net loss of $57.4 million, or 6 cents per share, during the third quarter of 2023.
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