Why Eli Lilly Stock Is Under Pressure Today
Shares of Eli Lilly (NYSE: LLY) are tumbling Thursday morning. Specifically, the drugmaker's stock was down by a hefty 6.6% on heavy volume as of 11:15 a.m. ET Thursday.
What's sparking this downward slide? Ahead of the opening bell, Lilly announced its 2022 fourth-quarter financial results. The drugmaker's worldwide revenue sank by a noteworthy 9% in Q4 relative to the same period a year ago. Factors weighing on top-line results included:
Lilly's shares were in the midst of a long bull run prior to today's pullback. Thanks to high expectations for newer growth products like Mounjaro and the steady progress of top clinical assets like Alzheimer's treatment donanemab, investors bid up the big pharma stock by a whopping 32.4% over the course of 2022.
Source Fool.com
