Evercore ISI analyst Umer Raffat, commenting on why Eli Lilly shares are down 6% following the company’s Q4 report, said the firm does not think "there is anything fundamental that explains the move." There may be confusion in the market about Mounjaro’s net price having declined in Q4, but it is "misplaced" since "it did not," the firm stated. Mounjaro gross-to-net went from about 90% in Q3 to a mid-80s percentage in Q4, meaning it improved, said the firm, adding "folks may not be adjusting for inventory contribution to reported Q3 numbers" when calculating quarter-over-quarter changes. The firm has an In Line rating on Eli Lilly shares.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on LLY:
- Pharma Earnings: Q4 Hits and Misses in a Post-COVID-19 World
- Eli Lilly raises FY23 adjusted EPS view to $8.35-$8.55 from $8.10-$8.30
- Eli Lilly reports Q4 adjusted EPS $2.09, consensus $1.78
- Eli Lilly says FDA approves Jaypirca
- Eli Lilly to invest $450M to expand manufacturing at Research Triangle Park