LLY - Why Eli Lilly Stock Tumbled on Thursday
2024-01-18 18:36:01 ET
A healthcare stock that's been on quite a run so far this young year, Eli Lilly (NYSE: LLY) took a bit of a pause on Thursday. Its price sagged by nearly 1% on the day, in contrast to the S&P 500 index's gain of nearly that amount, on the back of a media report about the pricing practices of the company and several peers.
Pharmaceutical companies active on the U.S. market have raised prices on no less than 775 branded medications this year, according to a Wall Street Journal article citing an analysis from drug-pricing research firm 46brooklyn. All told, these medications were lifted by a median 4.5%, although select drugs received raises of 10% or more.
That median figure was well higher than the latest inflation reading, which was 3.4% year over year for last December.
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Why Eli Lilly Stock Tumbled on Thursday