A new class of weight loss drugs is powering massive stock-market gains for Novo Nordisk and Eli Lilly
Meanwhile, Eli Lilly, which produces the GLP-1 drug Mounjaro, surged as much as 18% on Tuesday after the company reported better than expected second-quarter results and raised its 2023 guidance, mostly driven by its fast growing Mounjaro drug.
For one, supply for these GLP-1 weight loss drugs has been constrained as both manufacturers race to increase supply amid surging demand. Additionally, Eli Lilly's Mounjaro is currently approved for only diabetes patients, though the company has submitted studies to the FDA that could expand the drugs indication to cover overweight patients that don't have diabetes, similar to Novo Nordisk's Wegovy.and changing doctors' mindsets on treating obesity could significantly expand uptake of the weight loss drugs.
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