"Eli Lilly's Diabetes Drug Mounjaro Skyrockets, Boosting Stock by 652%"
Eli Lilly's stock (LLY) surged after the drugmaker reported "explosive" growth in sales for its diabetes blockbuster drug Mounjaro, which saw a 652% increase in sales in the September quarter. The strong performance of Mounjaro, along with stellar sales of other drugs like Jardiance and Verzenio, helped Eli Lilly beat Wall Street's quarterly forecasts. However, the company's overall earnings tumbled 95% due to expected tax charges. Eli Lilly also cut its adjusted earnings guidance for the year and expects the FDA to make a decision on approving its potential Alzheimer's treatment in the first quarter of 2024.
