Lilly Cuts Outlook on Surprising Weight-Loss Disappointment

Robert Schein, chief investment officer at Blanke Schein Wealth Management, joins BNN Bloomberg to discuss trending stocks. (Bloomberg) — Eli Lilly & Co. lowered its full-year guidance Wednesday on lackluster sales of its blockbuster weight-loss drug, a shocking miss for a drugmaker that had been going from strength to strength on insatiable demand for these drugs. Listen to the Here’s Why podcast on Apple, Spotify or anywhere you listen.The company’s shares fell 10% before markets opened in New York. The stock had risen 55% this year through Tuesday’s close.After raising its guidance twice this year, Lilly now expects full-year sales to top out at $46 billion, cutting $600 million off the prior upper end of its outlook. The biggest surprise in the quarter came from weight-loss drug Zepbound — sales of $1.26 billion missed the $1.63 billion expected on average by analysts. Sales of Mounjaro, a different brand of the same drug used for diabetes, were $3.11 billion, also…