Eli Lilly & Co. - LLY STOCK NEWS

Eli Lilly and Company (NYSE: LLY) will participate in the Morgan Stanley 19th Annual Global Healthcare Conference on September 14, 2021. Michael Mason, Lilly's Senior Vice President and President of Lilly Diabetes, will engage in a virtual fireside chat at 1:15 p.m. Eastern Time. A live audio webcast of the event can be accessed on Lilly's Investor website, with a replay available for approximately 90 days. Lilly, a global healthcare leader, is dedicated to developing life-changing medicines and enhancing disease management.

Eli Lilly and Company (NYSE: LLY) will participate in Citi's 16th Annual BioPharma Virtual Conference on September 8-9, 2021. Senior Vice President and CFO Anat Ashkenazi will speak at a virtual fireside chat on September 9 at 9:45 a.m. ET. A live audio webcast will be available on Lilly's Investor website, with a replay accessible for about 90 days. Founded over a century ago, Lilly is committed to creating high-quality medicines and improving disease management globally.

Eli Lilly and Company (NYSE: LLY) announced the resignation of Carolyn R. Bertozzi, Ph.D., from its board of directors effective August 25, 2021. Her departure is linked to Lilly's collaboration with Lycia Therapeutics, Inc., where she is an academic founder. Bertozzi has served on the board since 2017, contributing her scientific expertise to Lilly's innovative pipeline. The CEO expressed gratitude for her service, highlighting her influence on technical and ethical decisions.

Eli Lilly and Company (NYSE: LLY) has entered a strategic collaboration with Lycia Therapeutics to discover and develop targeted therapeutics using Lycia's LYTAC technology. The partnership will focus on up to five targets in key areas like immunology and pain, addressing unmet medical needs. Lycia will receive an upfront payment of $35 million and may earn over $1.6 billion in milestone payments and royalties. Lilly is responsible for the development and commercialization of potential therapies, with no immediate impact on its 2021 earnings guidance.

The U.S. FDA has approved Jardiance (empagliflozin) 10 mg for reducing the risk of cardiovascular death and hospitalization in adults with heart failure with reduced ejection fraction (HFrEF). This decision is based on the EMPEROR-Reduced trial, where Jardiance demonstrated a 25% reduction in cardiovascular death or hospitalization risk compared to placebo. Jardiance is contraindicated for those with type 1 diabetes and severe kidney issues. The approval marks a significant advancement in treatment options for heart failure patients.

Eli Lilly and Company (NYSE: LLY) announced executive leadership changes and the formation of neuroscience and immunology business units effective September 5, 2021. Anne White will lead Lilly Neuroscience, focusing on pain and neurodegeneration, including the potential launch of donanemab for Alzheimer's. Jacob Van Naarden now serves as CEO of Loxo Oncology and president of Lilly Oncology. Patrik Jonsson will head Lilly Immunology. Changes aim to enhance focus on breakthrough therapies for unmet medical needs. Alfonso Zulueta will retire; Ilya Yuffa will succeed him.

The FDA has approved an expanded label for Eli Lilly's Lyumjev® (insulin lispro-aabc injection) to include administration via continuous subcutaneous insulin infusion (CSII) for adults with type 1 and type 2 diabetes. Initially approved in June 2020, Lyumjev is designed for rapid absorption to improve glycemic control. The PRONTO-PUMP-2 phase 3 study demonstrated its efficacy, showing superior reduction in blood glucose spikes compared to Humalog. This new approval offers patients a crucial option for managing post-meal blood sugar levels, further enhancing the accessibility of diabetes treatment.

On August 16, 2021, Eli Lilly's lebrikizumab demonstrated significant efficacy in treating moderate-to-severe atopic dermatitis (AD) in Phase 3 trials, ADvocate 1 and ADvocate 2. Over 50% of participants achieved at least 75% skin clearance at Week 16. The FDA granted Fast Track designation to lebrikizumab, targeting unmet medical needs. This monoclonal antibody inhibits IL-13 signaling, addressing a key factor in AD. Common adverse events included conjunctivitis and nasopharyngitis. Lilly aims to provide effective treatment options for patients with AD, with full trial results expected in 2022.

Eli Lilly reported second-quarter 2021 revenue of $6.740 billion, marking a 23% increase year-over-year. Net income was $1.390 billion, with an EPS of $1.53. Notably, non-GAAP net income increased by 29% to $1.703 billion, with non-GAAP EPS at $1.87. Key growth products fueled revenue, contributing 54% of total revenue. The company expects 2021 revenue guidance to range between $26.8 billion and $27.4 billion, impacted by lower anticipated sales from COVID-19 therapies. Lilly continues to progress on pipeline developments, including tirzepatide and donanemab.