Lilly Eli & Co Stock Price, News & Analysis

Eli Lilly and Company (NYSE: LLY) has opened the Lilly Seaport Innovation Center (LSC) in the Boston Seaport, a state-of-the-art research and development facility focused on advancing RNA and DNA-based therapies. The 346,000 square foot, 12-story building will house approximately 500 Lilly scientists and researchers, plus 200 people from Lilly Gateway Labs' companies. LSC serves as the central hub for Lilly's genetic medicines efforts and includes the first East Coast Lilly Gateway Labs location.

The facility aims to discover new drug targets for creating life-changing medicines in areas such as diabetes, obesity, cardiovascular diseases, neurodegeneration, and chronic pain. This expansion reinforces Lilly's commitment to the Boston area and fosters collaboration with leading institutions to accelerate the development of novel medicines.

Eli Lilly (NYSE: LLY) reported Q2 2024 financial results with a 36% revenue increase to $11.30 billion, driven by strong sales of Mounjaro, Zepbound, and Verzenio. Excluding the previous year's $579 million Baqsimi sale, revenue rose by 46%. EPS surged 68% to $3.28 and 86% to $3.92 on a non-GAAP basis. The company raised its full-year revenue guidance by $3 billion and EPS guidance to $15.10-$15.60 reported and $16.10-$16.60 non-GAAP.

Pipeline progress included FDA approval of Kisunla for Alzheimer's and Jaypirca in Japan for relapsed mantle cell lymphoma, plus significant trial results for tirzepatide.

Gross margin increased by 40% to $9.13 billion, despite a 15% rise in R&D expenses. U.S. revenue grew 42%, led by Mounjaro and Zepbound, while international revenue rose 25%. Key products like Taltz and Jardiance also saw significant growth.

Financial guidance saw notable improvements, with revenue now expected between $45.4 billion and $46.6 billion. The company also announced a $5.3 billion manufacturing investment in Indiana to support pipeline medicines.

Eli Lilly and Company (NYSE: LLY) announced positive topline results from the SUMMIT phase 3 clinical trial of tirzepatide in adults with heart failure with preserved ejection fraction (HFpEF) and obesity. The study met both primary endpoints:

1. 38% reduction in the risk of heart failure outcomes compared to placebo
2. Significant improvements in heart failure symptoms and physical limitations

Key secondary endpoints were also met, including improved exercise capacity, reduced inflammation, and 15.7% mean body weight reduction at 52 weeks. The safety profile was consistent with previous studies. Lilly plans to submit results to regulatory agencies later this year.

Eli Lilly and Company (NYSE: LLY) has announced that it will release its second-quarter 2024 financial results on August 8, 2024. The company will host a conference call at 10 a.m. Eastern time on the same day to discuss the financial performance with investors, media, and the general public.

A live webcast of the conference call will be accessible through a link on Lilly's investor relations website. For those unable to attend the live event, a replay will be made available on the same website following the call.

GordonMD Global Investments announced that its portfolio company, Radionetics Oncology, has entered into a strategic agreement with Eli Lilly and Company (NYSE: LLY). This agreement focuses on developing targeted radiopharmaceuticals for cancer treatment.

As part of the deal, Radionetics received a $140 million upfront cash payment. Additionally, Lilly secured the exclusive right to acquire Radionetics for $1 billion upon the conclusion of an exercise period. Radionetics' innovative platform combines radiopharmaceuticals with small molecule targeting, particularly focusing on GPCRs, which hold significant potential in oncology.

Dr. Craig Gordon, CEO of GordonMD, expressed support for Radionetics' mission of advancing next-generation cancer treatments, aligning with their investment philosophy of fostering healthcare innovation.

Eli Lilly and Company (NYSE: LLY) has entered a definitive agreement to acquire Morphic Holding (NASDAQ: MORF) for $57 per share in cash, totaling approximately $3.2 billion. This acquisition aims to bolster Lilly's immunology pipeline with Morphic's lead molecule, MORF-057, an oral integrin therapy currently in Phase 2 studies for treating ulcerative colitis and Crohn's disease. The transaction has been approved by both companies' boards and is expected to close in Q3 2024, subject to standard conditions. The offer represents a 79% premium to Morphic's stock price as of July 5, 2024. Morphic's board recommends shareholders tender their shares.

The FDA has approved Eli Lilly's Kisunla (donanemab-azbt) for treating early symptomatic Alzheimer's disease (AD). The drug significantly slowed cognitive and functional decline by up to 35% in its Phase 3 trial and reduced the risk of disease progression by 39%. Kisunla, administered as a 30-minute monthly IV infusion, targets amyloid plaques and can stop therapy once plaques are removed, potentially lowering treatment costs. In the trial, nearly half of participants completed treatment within 12 months. Kisunla reduced amyloid plaques by 84% on average over 18 months. The treatment also carries risks of amyloid-related imaging abnormalities (ARIA) and allergic reactions.

Eli Lilly (NYSE: LLY) has announced a collaboration with OpenAI to leverage generative AI for developing novel antimicrobials against drug-resistant bacteria. This partnership aims to address the global threat of antimicrobial resistance (AMR), which disproportionately affects low and middle-income countries due to poverty and inequality. Misuse and overuse of antimicrobials are significant contributors to AMR. This collaboration builds on Lilly's previous commitment to combating AMR, including a $100 million investment in the AMR Action Fund to develop 2-4 new antibiotics by 2030. OpenAI's COO, Brad Lightcap, emphasized the potential of AI to drive pharmaceutical innovation.

Eli Lilly and Company (NYSE: LLY) has announced a dividend for the third quarter of 2024. The board of directors has declared a dividend of $1.30 per share on outstanding common stock.

This dividend will be payable on September 10, 2024, to shareholders who are on record by the close of business on August 15, 2024.