Graviton Biopharmaceuticals Holdings CEO Sam Waksal argues that there will be ‘great growth’ in the pharmaceutical industry.
Shares of Eli Lilly jumped Tuesday after a study showed its blockbuster weight-loss drug significantly reduced the risk of overweight patients developing type 2 diabetes.
Results from a recent trial showed weekly shots of tirzepatide injections significantly reduced the risk of progression to type 2 diabetes by 94% among adults with pre-diabetes and obesity compared to the placebo, according to the pharmaceutical giant.Â
The treatment with the drug, currently sold under the brand names Zepbound and Mounjaro, also resulted in sustained weight loss through the treatment period, with adults on the highest dose experiencing a 22.9% average decrease in body weight.Â
WEIGHT-LOSS MEDICATION SHORTAGE CREATES MARKET FOR BOGUS DRUGS
To get the findings, about 1,032 adults were evaluated in the study for over three years.
“Obesity is a chronic disease that puts nearly 900 million adults worldwide at an increased risk of other complications such as type 2 diabetes,” said Dr. Jeff Emmick, senior vice president of product development at Lilly.
An injection pen of Zepbound, Eli Lilly’s weight-loss drug, is displayed in New York City on Dec. 11, 2023. (Reuters/Brendan McDermid)
The data from the study reinforces “the potential clinical benefits of long-term therapy for people living with obesity and pre-diabetes,” Emmick said.
The news comes after the company’s second-quarter earnings surpassed Wall Street estimates as sales of its weight-loss drugs have soared.Â
During its earnings report this month, CEO David Ricks credited Mounjaro and Zepbound in large part for leading its “strong financial performance in the second quarter.”
DIABETES-RELATED WEIGHT-LOSS DRUGS FACING SUPPLY ISSUES AMID VIRAL TREND
Sarah Silbiger/Getty Images/File
During the three-month period, Lilly notched $11.3 billion in global revenue, surpassing the $9.92 billion that Wall Street expected. Adjusted earnings per share came in at $3.92, which also beat Wall Street estimates of $2.60 per share.
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Lilly’s tirzepatide was first approved to treat type 2 diabetes and sold under the brand name Mounjaro in 2022. Â
In November 2023, federal officials approved the injection, sold under the brand name Zepbound, for adults with obesity or those who are overweight and also deal with weight-related medical issues such as hypertension, dyslipidemia or type 2 diabetes mellitus.