Tag #Revenue Outlook

What caused Eli Lilly's stock to plummet on Tuesday, and what are the immediate consequences of this decline?

Eli Lilly's stock dropped over 7% on Tuesday due to lowered 2024 revenue projections, primarily caused by underperforming sales of its GLP-1 weight-loss and diabetes drugs, Mounjaro and Zepbound. The shortfall, approximately $400 million below expectations, resulted in a revised revenue outlook of around $13.5 billion for the fourth quarter, missing Wall Street estimates by $400 million.