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Eli Lilly craters after disappointing trial results for its GLP-1 pill, despite cheery earnings results

This is the first quarter that Lilly’s GLP-1s outsold Novo Nordisk’s.

J. Edward Moreno

Eli Lilly dropped sharply after it reported disappointing trial results for its next-gen weight-loss pill alongside earnings results that crushed Wall Street expectations thanks to its blockbuster GLP-1 drugs that were already on the market.

Minutes before releasing its earnings results, Eli Lilly reported late-stage trial results for its GLP-1 pill, orforglipron, which helped patients lose an average of 12.4% of their body weight, which is less than a rival pill made by Novo Nordisk.

Shares plunged 13% in recent premarket trading.

It also reported sales of $15.5 billion, beating the $14.7 billion analysts were expecting, thanks to booming sales of its GLP-1 shots. That contributed to a strong earnings beat, with adjusted earnings per share coming in at $6.31 — significantly higher than the $5.60 analysts polled by FactSet were expecting.

The company reported $3.4 billion worth of sales of Zepbound, its weight-loss shot, and $5.2 billion of sales of Mounjaro, its diabetes shot. Both beat analysts’ estimates and mark the first quarter both shots outsold Novo’s respective drugs, Wegovy and Ozempic.

Lilly so far has been catching up to Novo Nordisk, which was the first to bring GLP-1s to market but has seen its sales decelerate in recent quarters. The company slashed its annual sales outlook last week, blaming compounding pharmacies for lower-than-expected sales of its weight-loss drugs.

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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