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Eli Lilly Stock Drops Amid Reduced Guidance, Weight-Loss Drug Market Concerns
Eli Lilly Stock Drops Amid Reduced Guidance, Weight-Loss Drug Market Concerns
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BTCCSquare news:
Eli Lilly shares fell nearly 6% Tuesday, underperforming the broader market's slight decline. The drop followed Novo Nordisk's downward revision of its 2024 sales and operating profit forecasts, sparking concerns about the competitive weight-loss drug sector where Lilly's Zepbound recently gained approval.
The pharmaceutical giant had ridden a wave of Optimism since entering the obesity treatment market late last year. However, sector leader Novo Nordisk's guidance cut – reducing sales growth projections from 13-21% to 8-14% – cast a shadow over the entire GLP-1 drug category. Investors appear worried about potential headwinds for Lilly's competing treatments despite their strong initial reception.
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