Visitors Now:
Total Visits:
Total Stories:
Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Eli Lilly Shares Plunge as Bernie Sanders Criticizes Humalog Price Hikes

Tuesday, November 1, 2016 12:17
% of readers think this story is Fact. Add your two cents.

(Before It's News)

biotech-white-pillsShares of Eli Lilly and Co (NYSE:LLY) plunged to seven-month lows this afternoon, following a scathing tweet from Bernie Sanders that criticized the price of the drug giant’s insulin product, Humalog.

LLY, which was already reeling on the day, quickly sank when Sanders published this tweet:

Humalog is one of Lilly’s flagship drugs, generating sales of $641 million in the second quarter alone. According to PMLive.com, Humalog was the 35th highest grossing drug in the world in 2014.

Much of that revenue is due to massive price increases. As Sanders points out, Humalog’s inflation-adjusted price has grown from $21 per vial in 1996 to $255 per vial this year. That’s an 1100% price increase in twenty years, during which Lilly has boosted the price over two dozen times.

Today marks the second time in the past few weeks that Sanders has publicly pointed shamed drug industry pricing. Last month, his tweet targeting high-flying Ariad Pharmaceuticals caused the company’s stock to plummet 14% in a matter of minutes. We warned investors back then to expect more criticism and intervention from politicians, and more share price crashes as a result.

Eli Lilly shares fell $1.13 (-1.53%) to $72.71 in Tuesday afternoon trading. Year-to-date, LLY has plunged 13.65%, versus a 3.27% gain in the benchmark S&P 500 during the same period.

LLY-2016-11-01

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.