Eli Lilly Stock Price Fell, Alzheimer Drug Approved by FDA

On Tuesday, Eli Lilly and Company’s stock price declined while its drug for early Alzheimer’s was approved by the US Food and Drug Administration (FDA).

On July 02, its price decreased by -0.84% to $906.71 apiece. However, it was expected to gain by 0.63% to $912.44 per share in the premarket period.

The FDA’s approval of donanemab makes it the second therapy available to US patients suffering from the brain-wasting disease.

According to the company, the approved drug for early Alzheimer’s will be sold under the brand name Kisunla.

Eli Lilly priced its drug at $695.65 per vial, accumulating to $32,000.00 for a 12-month treatment of 13 infusions. Its cost is slightly higher than Eisai’s Leqembi, which is $26,500.00 annually.

Meanwhile, the Eisai and Biogen drug, approved a year ago, was designed to clear an Alzheimer’ s-related protein called beta-amyloid from the brain.

A BMO analyst mentioned the price mirrors the patients’ ability to stop treatment versus chronic treatment with Leqembi.

Moreover, the president and CEO of the Alzheimer’s Association said that FDA approval allows for more available options.

On the other hand, the Eli Lilly drug was rejected last year amid inadequate data and was delayed again in March. However, an advisory panel recommended donanemab to the agency for full approval as the benefits outweigh the risks.

Novo Nordisk and Eli Lilly Shares Fell on Callouts

Novo Nordisk and Eli Lilly shares slumped on Tuesday after being called out about their medicine prices in an op-ed.

Both companies lost ground as US President Joe Biden and Senator Bernie Sanders wrote that the industry charges outrageous prices. They added that prescription drugs are unconscionably high.

Moreover, both US officials said that it could cost $411.00 billion a year if only half of the obese adults took the companies’ drugs. It is $5.00 billion more than Americans’ expenses on all prescribed medicine from 2022.