BUZZ-Eli Lilly falls after weak Q4 sales forecast for weight-loss drug

Updates

** Shares of drugmaker Eli Lilly LLY.N fall ~6% to $749.95; their lowest since November 2024

** Eli Lilly expects $1.9 bln in Q4 sales for the weight-loss drug Zepbound, compared with estimates of $2.08 bln, according to data compiled by LSEG

** Company sees Q4 sales of $3.5 bln for diabetes drug Mounjaro, below estimates of $5.35 bln

** U.S.-listed shares of LLY's Danish rival Novo Nordisk NOVOb.CO fell 3.6%

** LLY's Zepbound and Novo's weight-loss drug Wegovy have experienced massive demand since they were approved, leading to a short supply of both the medicines

** LLY expects 2024 revenue to be about $45 bln, ~$400 mln below the lower-end of the previous range of $45.4 bln to $46 bln

** BMO Capital Markets analyst Evan Seigerman says the annual sales cut is less likely to be a shock to investors but may still shake some confidence in incretin demand

** Incretins are a class of drugs, which include both Zepbound and the related diabetes drug Mounjaro

** LLY stock rose ~32% in 2024

(Reporting by Sriparna Roy and Christy Santhosh in Bengaluru)

((Sriparna.Roy@thomsonreuters.com;))