Lilly Cuts Guidance on Disappointing Weight-Loss Drug Sales [BNN Bloomberg (Canada)]
Novo Nordisk A/S (NVO)
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Source: BNN Bloomberg
Listen to the Here's Why podcast on Apple, Spotify or anywhere you listen. The Indianapolis-based drugmaker now expects full-year sales of $45.4 to $46 billion, lowering the top end of earlier guidance from $46.6 billion. Lilly had raised its full-year guidance twice this year. Zepbound sales were $1.26 billion in the quarter, Lilly said in a statement, shy of the $1.63 billion expected on average by analysts. Revenue from all products was $11.4 billion, short of the $12.2 billion average estimate of analysts. Lilly said wholesalers had higher inventory of Zepbound and Mounjaro in the last quarter, which dragged on sales. The company's shares fell 8% in pre-market trading. Obesity is one of the largest and fastest-growing areas for the pharmaceutical industry, analysts estimate the market for weight-loss treatments will reach $130 billion by 2030. Lilly's success in the category has made it the most valuable drug company in the world. It competes with Danish rival Novo No
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