LLY - Eli Lilly in 'good dialogue' with Germany on weight-loss drug coverage

2024-01-29 11:25:59 ET

Eli Lilly & Co (NYSE: LLY) is in the green this morning following a report that it’s in talks with Germany to have its weight-loss drug be included in the country’s public health coverage.

Lilly is ‘optimistic’ on discussions with Germany

Ilya Yuffa – president of Lilly International told Spiegel magazine today that the pharmaceutical behemoth is in “good dialogue” with the German government.

I’m optimistic that we can come to an agreement.

The news arrives only days before the New York listed company is scheduled to report its financial results for the fourth quarter. Consensus is for it to earn $2.76 a share versus $2.09 per share a year ago.

Wall Street currently has a consensus “overweight” rating on that has more than doubled over the past twelve months.

Lilly to set up a manufacturing plant in Germany

Eli Lilly & Co that recently surpassed Tesla Inc in terms of market cap ( read more ) is also considering a sizable investment to build a manufacturing plant in Germany.

The pharma giant will make its diabetes and obesity drugs in the said facility that will likely be set up in the western town of Alzey, Yuffa reportedly added.

Note that the European Union regulators approved Lilly’s Tirzepatide for weight loss in 2023 – shortly after their approval for the GLP-1 receptor agonist for diabetes type 2. Mounjaro is slated to become available for patients in the United Kingdom in February.

The federal health ministry of Germany has not commented on the Spiegel report so far.

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