Lilly Shares Drop Amid Earnings Miss, End to Covid Trial

Eli Lilly shares are down sharply now that regular trading has begun, falling as much as 6.3%. On top of missing estimates, investors appear concerned that the halt of the U.S.-run trial of its antibody therapy in hospitalized patients bodes ill for it and other companies that are developing similar drugs. Important to note however that trials of Lilly’s therapy in less-sick patients are continuing.

Dan Skovronsky, the chief scientific officer of Lilly, said the findings from the ACTIV-3 clinical trial were “disappointing,” but weren’t expected to impact its other ongoing trials of its monoclonal antibody in patients with less severe disease who haven’t been hospitalized, as well as a trial of the asset as a prophylaxis. “There have been no drug-related adverse events thus far,” he added.