Eli Lilly tells RBC liver case ‘not reasonably related to Foundayo’

RBC Capital notes that Eli Liily shares were down as much as 3% in pre-market trading amid reports of a single FAERS hepatic failure case reported for Foundayo, but tells investors that the company replied to the firm that “in line with our standard procedures, Lilly Global Patient Safety thoroughly assessed the individual report, which was submitted within days of commercial availability, and determined it was not reasonably related to Foundayo.” The clinical data is “clean,” injectable GLP-1s have shown liver issues and hepatic events are a class-wide phenomenon driven by confounding factors in obese and Type 2 diabetes, adds the analyst, who believes the single Foundayo case “represents baseline noise, not a mechanistic safety signal.” The firm has an Outperform rating and $1,250 price target on Eli Lilly (LLY) shares.