Lily Rises on Jardiance Market Share Gain as Outlook Disappoints
- Drugmaker gave 2016 forecasts that fell short of estimates
- Guidance weak but growth should be `robust,' analyst says
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Eli Lilly & Co. rose after saying that patients flocked to its diabetes drug Jardiance since data showed the therapy cut deaths from heart attacks and strokes.
Jardiance’s market share among new patients rose to 25 percent from 15 percent following the release of the data last year, Enrique Conterno, head of the drugmaker’s diabetes unit, said on a call with investors Tuesday. Shares rose 1 percent to $83.72 at 12:06 p.m. in New York, after increasing as much as 3.1 percent, the biggest intraday gain in a month.