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Eli Lilly slips as falling demand for COVID therapy hurts topline

Feb. 02, 2023 7:41 AM ETEli Lilly and Company (LLY)ABCLBy: Dulan Lokuwithana, SA News Editor21 Comments

Eli Lilly and Company Research Laboratories. Lilly makes Medicines and Pharmaceuticals.

jetcityimage/iStock Editorial via Getty Images

Eli Lilly (NYSE:LLY) shares traded lower in the pre-market Thursday after reporting lower than expected revenue for Q4 2022 as demand for its COVID-19 therapy bebtelovimab continued to plunge.

In December, the FDA withdrew the emergency

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Comments (21)

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Watch nightly news earlier, and they were talking about this drug and others. Asking about “will insurance cover it?”

Imagine if it does. Nice little dip
Investor since ‘73 profile picture
My limit order was placed weeks ago and my memory was faulty, thought it filled at 325, turns out it filled at 320, thanks to all who panicked and enabled me to add 20% to my position!
How ironic is this?
Today the so-called "risk-trade" is back on -- you have a phenomenal company that's saving lives (i.e., LLY) being sold-off while the "smart-money" (make that 'dumb') is moving into equities that are wrecking lives (i.e., fill-in-the blank, etc.).
Let's hang-in there and be hopeful "Mr. Market's" sanity will return.
Financially, Covid was both a surprise and a windfall for many companies. It was a unforeseen revenue gift that catapulted up stock prices.
While covid is still with us, financially speaking, that party is over. So yes, loss of revenue from a short term source was bound to happen to those companies that benefited from it, and a boost to all the companies that Covid hurt financially, now that Covid is viewed as over. Add that to the rotation out of safer sectors and this is the result. LLY, with its higher sector PE, was bound to suffer more, just like tech did last year, for similar reasons. I sold a good portion of LLY late last year at $359. I still have a lot of equity in the rest, but I won’t be a seller today, nor will I be a buyer today. Not yet. I own some tech in company’s that were always profitable, and they’ve been rallying, but my holdings in the drug sector are taking a beating.
But, this too will pass.
What's Jim Crammer saying today? I was watching him hype mounjaro earlier this week, and I got a pop up of his Bear Stearns call.
Alexander Ebbinghouse profile picture
@Loopsman Cramer said to sell Eli Lilly around $230 per share, then two weeks later changed his mind and said buy it at a higher price...

The mounjaro hype is real, but this will take years to play out in the market.
@Alexander Ebbinghouse
To be fair, the last time LLY was $230 per share was late 6/21.
Did he say outright- “sell it” or did he take some off the table, as he often times does, when a stock is overweight from gains in his CT. Or, did something big happen, like results of the weight loss drug, which changed his mind. Sorry, sounds like you got burned, but there are SA articles every day that are completely opposite their views to buy or sell the same stock. One of them turns out to be wrong.
Alexander Ebbinghouse profile picture
@Radcon3 did not get burned, did not sell the stock.
You haven't seen nothing yet, If you are impressed now wait for a month. No reason LLY shouldn't be at the P/E valuations of MRK and the other companies in the industry.
@Loopsman ‘anything’
Alexander Ebbinghouse profile picture
Looking forward to buying more LLY cheaper. I am very impressed
ABCL and LLY will have a new antibody that will work against the new variants, surprised that they didn't mention that coming. Probably won't do the level of revenue that beb did, but it's still something. It will move the needle for ABCL.
Confoundedinterest profile picture
@User 18282742 it all depends if the FDA will provide a framework for accelerated use, otherwise it is not worth pursuing given rapid mutations making a therapeutic potentially obsolete before trial data matures. With the COVID emergency set to end in May, this does not look hopeful. ABCL will be fine and LLY looks good long term
@Confoundedinterest I guess we'll have to wait on 4Q earnings report from ABCL on 2/21, and see what they have to say about it.
This is going to cut through 300 like a chain saw through butter, overhyped mounjaro. Look at the comments on line half the people who take it are too sick to eat, imagine losing weight if you are too sick to eat!
@Loopsman I'll study the peer reviews.
Barleybaby profile picture
@gymmie NO, the online comments are where the data set is
Nice performance. The new obesity indication will pick up the Covid drop
@Sound Investor This is a great buying opportunity!
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