Here's Why Merck, Eli Lilly, and Novo Nordisk Stocks Rose 11% Last Month
January was a big month for pharmaceutical stocks, with (NYSE: MRK), Eli Lilly (NYSE: LLY), and Novo Nordisk (NYSE: NVO) all climbing 11%, according to data provided by S&P Global Market Intelligence. Investors are excited about the potential market for weight-loss drugs, and that attention has driven momentum for some of the larger pharma stocks.
There wasn't much major news from these companies in January, but there was enough positive buzz to build on the existing momentum ahead of quarterly-earnings reports.
Novo Nordisk led the charge with Ozempic and Wegovy. The company reported 42% growth in revenue from its diabetes and obesity-care products over the past year. That product segment represents more than 90% of the company's total revenue, so it's clear to see how that traction is translating to the stock's performance. Novo shares climbed 70% higher last year, outpacing most of its peers.
Source Fool.com
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