Lilly’s ambitious new drug Mounjaro fails to impress in the fourth quarter
Eli Lilly’s LLY new Type 2 diabetes treatment Mounjaro may be in high demand, but the drug had a wobbly fourth quarter, with sales coming in far below Wall Street’s expectations.
Mounjaro, a GIP and GLP-1 receptor agonist that received Food and Drug Administration approval in May, brought in $279.2 million in sales in the final three months of the year. The FactSet consensus was $319.3 million. To no surprise, Lilly executives were ready to reassure investors that the company has the manufacturing capacity to handle the ongoing launch of a drug that is essential to its long-term strategy, citing a new factory in North Carolina.
Novo Nordisk NOVO.B , which makes a competing therapy, is in a similar position. The success of its glucagon-like peptide-1 agonist, which has been approved to treat Type 2 diabetes under the name Ozempic and obesity under the name Wegovy, has been stalled by shortages and manufacturing capacity issues.
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