Why Shares of Eli Lilly Jumped This Week
Shares of Eli Lilly (NYSE: LLY) were up 16% for the week as of 10 a.m. ET Friday, according to data provided by S&P Global Market Intelligence. The pharmaceutical company's stock closed last week at $449.49, then rose to a 52-week high of $538 a share on Tuesday. The stock is up more than 42% so far this year.
The company announced second-quarter earnings on Tuesday and showed big gains in revenue, thanks mainly to diabetes therapy Mounjaro. Lilly reported quarterly revenue of $8.3 million, up 28% year over year. Mounjaro's sales were $797.7 million, up 73% over the same period last year. The drug could be approved as an obesity therapy later this year, and is already being prescribed off-label for that indication by some doctors.
Lilly also credited growth products as rising by 16% year over year to $4.93 billion, led by breast cancer therapy Verzenio, diabetes and cardiovascular therapy Jardiance, and autoimmune drug Taltz.
Source Fool.com
