Eli Lilly hopes to launch as many as 5 new treatments next year
Indianapolis: Eli Lilly and Co said on Tuesday it hopes to launch as many as five new treatments next year that could drive growth through the decade as it bets on multi-billion dollar markets for treating obesity and Alzheimer's disease.
The drugmaker is spending heavily on marketing and research and development as it prepares for data release and potential approvals for two keenly watched drugs next year, donanemab for Alzheimer's and tirzepatide for obesity.
The higher spending led Lilly to forecast 2023 profit below analysts' estimates and its shares fell about 1% to $363.59. The company's shares have been up about 31% this year.
Tirzepatide received the U.S. health regulator's approval for type 2 diabetes this year and is sold under the brand name Mounjaro.
Lilly expects its marketing and related expenses to be between $6.9 billion and $7.1 billion in 2023, $500 million higher than this year.
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