Eli Lilly and Company (NYSE:LLY) stock is trading lower on Friday. The company is anticipated to release earnings on Aug. 8 for the 2024 fiscal year second quarter. Also, Eli Lilly announced promising results from its SUMMIT phase 3 clinical trial earlier this week.
The Details: Analyst estimates revenue of $9.9 billion and EPS of $2.7.
On Thursday, the company announced topline results from its clinical trial evaluating the safety and efficacy of injectable tirzepatide in adults with heart failure with preserved ejection fraction (HFpEF) and obesity.
The novel pharmaceutical reduced the risk of heart failure events by 38% compared to placebo and improved heart failure symptoms and physical limitations. In addition, tirzepatide caused a 15.7% weight loss in both type 2 diabetes and non-diabetes patients.
"HFpEF accounts for nearly half of all heart failure cases, and in the U.S. almost 60% of those impacted also live with obesity. Despite a continuing increase in the number of people with both HFpEF and obesity, treatment options remain limited," said Jeff Emmick, senior vice president, product development, Lilly.
Tirzepatide's safety profile in the SUMMIT trial matched previous studies. Most adverse events were mild to moderate gastrointestinal issues, with diarrhea, nausea, constipation and vomiting being the most common.
The stock initially traded higher on Thursday morning following the release of these clinical trial results. Specifically, the stock traded at around $822.
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LLY Price Action: Eli Lilly shares are trading 4.75% lower at $792.86 per data from Benzinga Pro.
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