Stock Market News
While most of the market was trending red with DOW dropping nearly 350 points and as investors await September job report, Eli Lilly And Co (NYSE:LLY) managed to stay green and last traded at $332.95, a gain of $1.17 (0.35%) today.
So why did LLY gain today ?
According to the Centers for Disease Control and Prevention the prevalence of obesity is expected to rise in the future. Currently, more than 40% of U.S. adults face obesity related issues. LLY obesity treatment tirzepatide has been granted “fast track” status by the Food and Drug Administration, which means it could win approval as early as late 2023.
Based on discussions with the FDA, Lilly plans to initiate a rolling submission of a marketing application for tirzepatide this year, which, when complete, will be based primarily on results from two Phase 3 clinical trials: SURMOUNT-1, which is complete, and SURMOUNT-2, which is expected to complete by the end of April 2023. Assuming positive SURMOUNT-2 results, Lilly aims to complete the submission shortly after SURMOUNT-2 data is available. The Fast Track designation and a rolling submission accelerate tirzepatide’s path to FDA submission.
Other companies in Eli Lilly’s space includes: Novo Nordisk (NYSE:NVO), Johnson & Johnson (NYSE:JNJ), Merck & Co (NYSE:MRK), Novartis (NYSE:NVS) and Pfizer (NYSE:PFE).
