The good news continues for pharmaceutical giant Eli Lilly (LLY) as its newly approved obesity pill has been found to help lower the risk of heart attacks.
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A late stage clinical trial of Eli Lilly’s weight-loss pill Foundayo found that it helped reduce the risk of major cardiovascular events. The results were particularly strong in adults who had type 2 Diabetes and were also obese.
Management at Eli Lilly said that the clinical trial met its main goals. The study of more than 2,700 adults found that patients taking Foundayo had a 16% lower risk of heart attack, stroke, or cardiovascular death, and a 57% lower risk of death from any cause compared with those on other medications.
Eli Lilly’s Miracle Drug
The latest trial also found that patients taking Foundayo saw bigger drops in blood sugar and weight after one year, while those on other heart medications actually gained weight. Eli Lilly said it will seek U.S. approval of Foundayo as a treatment for type 2 Diabetes.
The findings related to cardiovascular disease bolster the case for Eli Lilly’s weight-loss pill as a miracle drug. Other clinical trials have found that Foundayo can help people with everything from alcohol addiction to high blood pressure. The pill received regulatory approval from the U.S. Food and Drug Administration on April 1 of this year.
Sales of Foundayo are expected to peak at $36 billion a year, according to Wall Street estimates.
Is LLY Stock a Buy?
The stock of Eli Lilly has a consensus Strong Buy rating among 19 Wall Street analysts. That rating is based on 16 Buy, two Hold, and one Sell recommendations issued in the last three months. The average LLY price target of $1,247.38 implies 31.53% upside from current levels.
