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ARTICLE | Company News

Lilly falls on diabetes and animal health concerns

January 31, 2018 11:35 PM UTC

Despite 4Q17 figures that outperformed analyst expectations, Eli Lilly and Co. (NYSE:LLY) fell $4.64 to $81.45 on Wednesday after the pharma said it continues to see pricing pressure on its diabetes products. Lilly also reported a drop in sales from its animal health business which it expects to continue through 1H18.

SVP and Lilly Diabetes President Enrique Conterno made the comment on a conference call to discuss earnings. He also noted that a potential label update for Type II diabetes drug Invokana canagliflozin from Johnson & Johnson (NYSE:JNJ) this year is a "headwind" for fellow sodium-glucose cotransporter 2 (SGLT2)-targeted therapies. Invokana is under review by FDA to reduce the risk of major adverse cardiovascular events (MACE) in Type II diabetics at risk for or with established CV disease. Lilly’s Jardiance empagliflozin is already approved in the indication...