Eli Lilly’s net price for Mounjaro did not decline in Q4, says Evercore ISI

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.