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Eli Lilly , Novo Nordisk shares slide after CBO comments on obesity drugs

AuthorSam Boughedda
Published 20/03/2024, 19:02
© Reuters.
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Shares of pharmaceutical companies Eli Lilly & Co. (NYSE:LLY) and Novo Nordisk (NYSE:NVO) dipped slightly Wednesday in reaction to comments from Congressional Budget Office analysts.

It was reported by Bloomberg that the Congressional Budget Office analysts said at a conference that obesity drugs would raise the US deficit over 10 years.

Eli Lilly shares are down around 0.8% at $766.30 per share as of 13:32 ET on Wednesday. Earlier in the session, the stock hit a low of $756.64. Even so, LLY shares are up almost 32% in 2024, while they have gained an impressive 129% over the last 12 months.

Novo Nordisk shares have also slipped Wednesday, currently trading 0.75% lower at $130.39 per share.

Analysts are said to have stated that obesity drugs would cost the US more than anticipated savings.

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