News Release

INDIANAPOLIS — Shares of Eli Lilly and Co. took a two-day slide after competitor Roche announced positive results in an early-stage study on its obesity drug.

Shares fell $56.69 to $849.90 each by Thursday, July 18. Lilly will announce its second-quarter earnings on Aug. 8.

Lilly and Novo Nordisk have been responding to a demand for diabetes and weight loss drugs, boosting revenue and profit. However both companies have had trouble meeting demands. Lilly spent billions of dollars expanding its manufacturing capacity, including $9 million to build and expand a new factory in the Limitless Exploration/Advanced Pace Lebanon Innovation District in Boone County.

Company officials stated in April the strong demand for Mounjaro and Zepbound pushed its first quarter profit up 67%. Mounjaro overtook Trulicity a longtime Lilly diabetes drug to become the company’s best seller in the quarter. Mounjaro had $1.8 million in sales that quarter.

Roche’s experimental obesity drug CT-966, showed data that resulted in a mean weight loss of 6.1% within four weeks in obese patients without type 2 diabetes. CT-966 is a once-daily pill. It is also developing a once-daily injected drug CT-868 as a first-in-class treatment for glycemic control as an adjunct to insulin for those with type 1 diabetes.

Lilly’s tirzepatide, sold under names of Mounjaro for diabetes and Zepbound for obesity is a once-weekly shot.

Novo’s brand Ozempic for diabetes and Wegovy for obesity, are also injectable drugs.