Lilly shares have rallied over 60% this year to make it the world’s most valuable healthcare company by market cap as investors bet on Mounjaro’s success.
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A steady recovery in surgical procedures that were deferred during the pandemic, especially by older adults, as well as easing staffing shortages at hospitals have increased demand for medical devices.
Takeda has flagged this year as a rebuilding phase. It is seeking to deepen its bench of drugs in development as it loses sales exclusivity on main sellers, such as blood pressure drug Azilva in Japan and hyperactivity drug Vyvanse in the United States.
The company now expects revenue from core business to grow in the range of 11.3%-12.6% for the year, compared with 9.5%-11% estimated earlier.
CVS Health Corp. on Wednesday forecast a 2023 profit below Wall Street estimates, and also announced it agreed to pay about $5 billion over 10 years to resolve thousands of lawsuits accusing its pharmacy chain of mishandling opioid painkillers.
The focus of investors and Wall Street analysts is squarely on Biogen and Eisai Co Ltd’s new drug lecanemab that slowed the progress of the disease by 27% in a trial last month.
Eli Lilly and Co. on Thursday cut its full-year profit forecast for the second time as lower insulin prices and competition for the company’s cancer drug bruised its second-quarter earnings.
