Lilly and Novo Stock Sold Off. Don’t Blame Their Diet Drugs.
Stock in Eli Lilly and Novo Nordisk outperformed last year, largely because of remarkable demand for new drugs that drive weight loss in patients afflicted with diabetes and obesity. Lilly (ticker: LLY) was off 4% through Thursday, to $330.70, on investor disappointment that the quarter’s sales were affected by reduced need for the company’s Covid antibody treatments. Until a month ago, a shortage of supplies was limiting sales of Novo Nordisk’s GLP-1 injectables Ozempic and Wegovy.