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Why Eli Lilly Stock Slumped Today

TheMotleyFool

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A price war for weight-loss drugs is intensifying, and it's clear Eli Lilly (NYSE: LLY) investors weren't happy about it. On news that the company's arch-rival in the category had cut prices for several of its medications, those folks sold out of Eli Lilly stock to push it to a nearly 2% loss on Tuesday.

That rival is Danish pharmaceutical company Novo Nordisk, best-known for its Wegovy obesity treatment that directly competes with Eli Lilly's Zepbound. Early Tuesday morning, Novo Nordisk announced a set of price cuts to its leading products, including Wegovy.

Image source: Getty Images.

Source Fool.com

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