LLY Stock Rises on Congressional Budget Office Report
LLYLilly(LLY) Gurufocus·2024-10-09 06:25

Eli Lilly's (LLY, Financial) stock experienced a notable movement, rising 1.71% to a price of 913.72.ThissurgewasdrivenbytheCongressionalBudgetOffice(CBO)reportonthepotentialimpactifMedicareweretocoveranti−obesitymedications,includingEliLilly′sweightlossdrug,Zepbound.TheCBOestimatesthisMedicarecoveragecouldincreasefederalspendingby913.72. This surge was driven by the Congressional Budget Office (CBO) report on the potential impact if Medicare were to cover anti-obesity medications, including Eli Lilly's weight loss drug, Zepbound.The CBO estimates this Medicare coverage could increase federal spending by 35 billion from 2026 to 2034, underscoring the significant sales potential for GLP-1 drugs in the weight loss market. Investors have resp ...