Why Eli Lilly Stock Flopped While the Market Popped Today
Wednesday's trading session was a good one for many stocks; a notable exception was pharmaceutical sector mainstay Eli Lilly (NYSE: LLY). The company's share price fell by almost 4% on the back of news that it'll be shelling out a pretty penny for a new factory in Europe.
That day, Reuters reported that Lilly aims to build a new facility in Western Germany that will cost in the single-digit, billion-dollar range. Citing unnamed "people familiar with the matter," the news agency added that the storied pharmaceutical company will fund the project entirely through its own means.
The report was published very shortly after Lilly's Mounjaro diabetes treatment was approved by both U.S. and U.K. healthcare regulators for weight loss (it'll be marketed under the brand name Zepbound for the new indication).
Source Fool.com
