Why Eli Lilly, Novo Nordisk, and Viking Therapeutics Stocks All Dropped on Tuesday

Bad news for Eli Lilly (NYSE: LLY) stock dragged down shares of rival companies in the market for GLP-1 diet drugs on Tuesday. Lilly updated investors on its expected revenue for 2024 this morning, and gave new guidance for 2025 revenue as well -- and while its 2025 prediction was a bit more than Wall Street had expected, its prediction for 2024 was a bit less.As of 10:45 a.m. ET, Lilly shares are shedding 6%. Archrival Novo Nordisk (NYSE: NVO) is down 3.3% in sympathy, while Viking Therapeutics (NASDAQ: VKTX), which is hard at work on its own GLP-1 drugs but hasn't yet gotten them to market, is suffering worst of all -- down 8.1%.In a press release this morning, Eli Lilly was pleased to announce that 2024 revenues are tracking about $4 billion above what it had expected to receive at the start of this year, and that the company now expects to collect about $45 billion total for all of 2024 -- up 32% from 2023. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool