Reported 27 days ago
Eli Lilly & Co. has reduced its revenue guidance following disappointing sales of its weight-loss drug Zepbound and diabetes drug Mounjaro, which underperformed by nearly $900 million in the latest quarter. The company cited inventory management issues as a key reason for the sales shortfall, leading to a decline in its stock price. Despite a high demand for weight-loss drugs, analysts are concerned about the impact of increased competition and potential copycat products on sales. Lilly is now expecting 2024 profits to be lower than previously estimated amid these challenges.
Source: YAHOO