Eli Lily gets key prescription weigh-loss approval
The US Food and Drug Administration approved Eli Liliy's weight loss drug on Wednesday.
The drug approved, tirzepatide, had already been approved for Type 2 diabetes under the trade name Mounjaro. The drug recently contributed to Eli Lily's boosted sales outlook as demand for prescription weight loss drugs has been a hot topic on Wall Street. Goldman Sachs estimated 15 million Americans will be taking weight loss drugs by 2030.
Eli Lily (LLY) shares popped more than 1% on the news while competitor Novo Nordisk (NVO) saw shares slide more than 1%.
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