Why Eli Lilly Stock Jumped to a New All-Time High Today
Key Points
Eli Lilly's leukemia drug is making progress toward regulatory approval in the EU.
The healthcare leader's weight-loss drugs will soon be more affordable for millions of people.
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Shares of Eli Lilly (NYSE: LLY) climbed to a record high on Friday, following several promising developments for the medicine maker.
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Progress in oncology
The European Medicines Agency's Committee for Medicinal Products for Human Use issued a positive opinion for Eli Lilly's cancer drug, Jaypirca.
In clinical trials, the healthcare giant's once-daily oral prescription medicine produced encouraging results in treating adults with chronic lymphocytic leukemia (CLL) across all lines of therapy.
CLL is a common type of leukemia in adults, with approximately 100,000 cases annually worldwide.
The positive opinion bodes well for regulatory approval. The European Commission is expected to issue a final decision within the next two months.
A massive new market for weight loss medicines
Eli Lilly also announced that its popular obesity drugs, Zepbound and Foundayo, will be available via the new Medicare GLP-1 Bridge program beginning July 1 for as little as $50 per month.
The news marks a milestone for weight management medications, which until now were not broadly covered by the federal health insurance program.
Eli Lilly estimates that roughly 20 million Medicare patients could meet clinical criteria for obesity drugs.
"For many, this will be the first time obesity treatment has been within reach," Eli Lilly executive Ilya Yuffa said.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Eli Lilly. The Motley Fool has a disclosure policy.
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