Eli Lilly reported third-quarter earnings and revenue below Wall Street expectations, reducing its full-year adjusted profit outlook. The pharmaceutical company cited weaker sales of its weight loss drug, Zepbound, and diabetes treatment, Mounjaro. High demand in the U.S. for Eli Lilly’s incretin drugs has led to significant investments in manufacturing expansion by the company and its competitor Novo Nordisk. Although supply has improved, the FDA cautions that patients may still encounter occasional delays at certain pharmacies. Shares fell 10% in premarket trading following the report.
