To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh. ...

Market Overview - The US-China trade truce is expected to create more stability in the relationship, although it is characterized as a truce rather than a breakthrough [9][11][12] - The Federal Reserve cut rates by 0.25 percentage points, with indications that further cuts are not guaranteed [2][4] - The Dow Jones Industrial Average gained over 200 points, while the S&P 500 and Nasdaq experienced slight declines [3][4] Big Tech Earnings - Meta's shares fell by 11% after announcing increased capital expenditures for the upcoming year, exceeding the $72 billion planned for this year [6][32] - Microsoft also reported a 2.2% decline in shares despite good underlying metrics, as it ramped up spending to meet demand [7][32] - In contrast, Alphabet's shares rose by 5% due to a 15% increase in search revenue and growth in its Gemini AI platform [8][32] US-China Trade Negotiations - President Trump expressed satisfaction with the progress made in trade negotiations, focusing on issues like fentanyl tariffs and soybean purchases [9][10] - The meeting between Trump and Xi was brief, lasting only about 90 minutes, and did not address significant topics like Taiwan or Russia [13][14] - The long-term trajectory still points towards decoupling between the US and China, with both nations leveraging their positions [15][19] Corporate Earnings Insights - Meta's Q4 guidance was perceived as soft, leading to investor skepticism about its future AI investments [36][39] - Google's AI mode has seen rapid adoption, with 75 million daily active users, contributing positively to its search business [41][44] - Amazon's upcoming earnings report is anticipated to focus on AWS growth, which needs to exceed 19% to regain investor confidence [50][52] Cardinal Health Performance - Cardinal Health reported a 22% increase in quarterly revenue, driven by strong demand across all operating segments [105][106] - The company is focusing on specialty pharmaceuticals through strategic acquisitions, contributing significantly to profit growth [107][110] - The firm remains optimistic about future growth despite potential regulatory changes affecting the healthcare landscape [111][115]

Core Insights - Eli Lilly and Company (LLY) reported third-quarter 2025 adjusted earnings per share (EPS) of $7.02, exceeding the Zacks Consensus Estimate of $6.02 per share, and significantly up from $1.18 per share in the same quarter last year [1][9] - Revenues reached $17.60 billion, a 54% increase year over year, driven by strong sales of GLP-1 drugs, Mounjaro and Zepbound, surpassing the Zacks Consensus Estimate of $16.01 billion [2][9] Revenue and Sales Performance - Mounjaro sales were $6.52 billion, up 109% year over year, beating the Zacks Consensus Estimate of $5.48 billion [3] - Zepbound recorded sales of $3.59 billion, a 185% increase year over year, exceeding the Zacks Consensus Estimate of $3.45 billion [4] - Trulicity generated revenues of $1.05 billion, down 19% year over year, in line with estimates [6] - Jardiance sales rose 40% to $959 million, surpassing the Zacks Consensus Estimate of $687 million [6] - Taltz brought in sales of $901.5 million, up 2% year over year, but missed the Zacks Consensus Estimate [7] - Verzenio generated sales of $1.47 billion, up 7% year over year, but also missed estimates [7] - Emgality revenues were $175.7 million, down 13% year over year, while Olumiant sales were $268.9 million, up 7% [8] Market Dynamics and Competition - Mounjaro and Zepbound are gaining market share from Novo Nordisk's Ozempic and Wegovy, despite facing strong competition [5] - The company is investing in obesity treatments and has several new molecules in clinical development, including orforglipron and retatrutide [14] Guidance and Future Outlook - Lilly raised its 2025 revenue guidance to $63.0 billion to $63.5 billion, up from a previous range of $60.0 billion to $62.0 billion, and increased EPS guidance to $23.00 to $23.70 [11][13] - The company is expanding its portfolio beyond GLP-1 drugs into cardiovascular, oncology, and neuroscience areas, with recent acquisitions to enhance its pipeline [17][18] Stock Performance - Following the strong third-quarter results and guidance increase, Lilly's shares rose more than 5% in pre-market trading, with a year-to-date increase of 5.3% compared to the industry average of 3.3% [13]

【导读】 纳指跳水 大家好，今晚继续关注海外市场的表现。 10月30日晚间，美股三大指数走势分化，道指涨超200点，纳指却跳水跌约1%，标普指数跌约0.5%。 | ﻡ 47864.31 | 23689.10 Shown | 6858.45 SW | | --- | --- | --- | | 道琼斯指数 +0.49% | 纳斯达克综合指数 -1.12% | 标普500指数 -0.47% | 科技巨头Alphabet（谷歌母公司）、Meta和微软均发布了季度业绩。Alphabet股价在强劲业绩推动下上涨约5%，而Meta和微软则 分别下跌11%和3%。投资者对两家公司提高支出前景感到担忧。详情可点击右边链接： 暴跌！突然"爆雷"！ | 了 筛选 | | 最新价 ÷ | 涨跌幅 = □ | | --- | --- | --- | --- | | 谷歌-C | | 289.12 | +5.07% | | us GOOG | | | | | 赛富时 | | 257.59 | +2.44% | | us CRM | | | | | 阿斯麦 | M | 1075.35 | +0.42% | | US ASML | | | ...

Core Insights - Eli Lilly's experimental weight-loss pill, orforglipron, is a strong candidate for accelerated FDA approval due to meeting most criteria for the new national priority voucher program [1][2] - The FDA's new program allows for expedited reviews of priority drugs, reducing the review time from approximately 10-12 months to 1-2 months [2] - Eli Lilly's GLP-1 pill demonstrated a significant weight loss of 12.4% in late-stage studies, and the company has invested billions in U.S. manufacturing plants for this product [3] Financial Performance - Eli Lilly raised its full-year profit and revenue forecasts, driven by strong international demand for weight-loss drugs, surpassing Wall Street's earnings expectations for the third quarter [4] - International sales of Mounjaro, the brand name for the weight-loss drug outside the U.S., exceeded Guggenheim analysts' estimates by nearly $1 billion for the quarter [6] - Approximately 75% of Mounjaro's revenue from international markets comes from out-of-pocket payments by individuals with obesity [6] Market Competition - Eli Lilly is competing with Novo Nordisk in the weight-loss drug market, which is projected to reach $150 billion by the end of the decade [7] - The company faces potential challenges from drug price negotiations under the Trump administration, which aims to align U.S. drug prices with those in other developed nations [4][7]

Core Insights - Eli Lilly has raised its full-year revenue and adjusted EPS guidance due to strong sales of its weight-loss drugs Mounjaro and Zepbound, reflecting a booming demand in the weight-loss drug market [3][6]. Financial Performance - Eli Lilly reported adjusted earnings of $7.02 per share and revenue of $17.60 billion for Q3, marking a 54% year-over-year increase. Analysts had expected earnings of $5.91 per share and revenue of $16.06 billion [2]. - Mounjaro sales more than doubled to $6.52 billion, exceeding projections of $5.41 billion, while Zepbound sales nearly tripled to $3.59 billion, surpassing estimates of $3.37 billion [2]. Market Position and Strategy - The company is capitalizing on the growing weight-loss drug market, which is expected to be worth tens of billions of dollars in the coming years [3]. - Eli Lilly announced a partnership with Walmart to sell Zepbound directly to patients, enhancing accessibility [4][6]. Guidance Update - The full-year revenue guidance has been raised to a range of $63 billion to $63.5 billion from the previous $60 billion to $62 billion, and the adjusted EPS outlook has been increased to $23 to $23.70 from $21.75 to $23 [3].

Financial Performance - Revenue for the three months ended September 30, 2025, was $17,600.8 million, a 54% increase from $11,439.1 million in 2024[133] - Net income for the same period increased to $5,582.5 million, compared to $970.3 million in 2024, representing a significant increase[133] - Earnings per share (diluted) rose to $6.21 for the three months ended September 30, 2025, up from $1.07 in 2024, marking a 128% increase[133] - U.S. revenue increased by 45% to $11.30 billion for the three months ended September 30, 2025, compared to $7.81 billion in 2024[153] - Revenue outside the U.S. rose 74% to $6.30 billion for the three months ended September 30, 2025, up from $3.63 billion in 2024[153] - Mounjaro revenue increased by 109% to $6.52 billion for the three months ended September 30, 2025, compared to $3.11 billion in 2024[155] - Gross margin for the three months ended September 30, 2025, was $14.59 billion, a 57% increase from $9.27 billion in 2024[159] Research and Development - The company submitted applications for tirzepatide for pediatric and adolescent type 2 diabetes to the FDA and EC for approval[135] - A Phase 3 trial for tirzepatide for cardiovascular outcomes in type 2 diabetes met its primary endpoint[135] - Research and development expenses rose by 27% to $3.47 billion for the three months ended September 30, 2025, compared to $2.73 billion in 2024[161] Regulatory and Legislative Impact - The Inflation Reduction Act of 2022 requires HHS to set prices for certain drugs, which may significantly impact the company's business strategies[139] - Regulatory focus on business combinations may delay or increase costs of business development activities, impacting the company's financial position[149] - The OBBBA enacted in July 2025 modified U.S. tax laws, affecting the company's income tax expense, which was $350.3 million for the three months ended September 30, 2025[146] Financial Position - Cash and cash equivalents increased to $9.79 billion as of September 30, 2025, from $3.27 billion as of December 31, 2024[169] - Total debt increased to $42.51 billion as of September 30, 2025, up from $33.64 billion as of December 31, 2024[172] - During the nine months ended September 30, 2025, the company repurchased $2.60 billion of shares under its $15.00 billion share repurchase program[174] - The company declared a fourth-quarter dividend of $1.50 per share, totaling approximately $1.34 billion, payable on December 10, 2025[175] Currency and Market Risks - The company continues to face foreign currency exchange rate risks, primarily against the euro, Japanese yen, Chinese yuan, and British pound sterling[150] - The company has foreign currency risk exposure primarily against the U.S. dollar, with fluctuations involving the euro, Japanese yen, Chinese yuan, and British pound sterling[177] - As of September 30, 2025, a hypothetical 10 percent change in currency exchange rates would not have a material impact on earnings, cash flows, or financial position over a one-year period[177] Investor Communication - The company provides access to its SEC filings, including annual reports on Form 10-K and quarterly reports on Form 10-Q, through its website[179] - Important information for investors is routinely posted in the "Investors" section of the company's website, which may include material, non-public information[181] - The company utilizes social media channels to communicate with investors and the public about its business and products, which could be deemed material information[181] - For a detailed discussion of market risk, refer to the "Quantitative and Qualitative Disclosures About Market Risk" in the Annual Report on Form 10-K for the year ended December 31, 2024[182] Accounting and Estimates - There have been no material changes to the company's critical accounting estimates since the Annual Report on Form 10-K for the year ended December 31, 2024[178]

Financial Data and Key Metrics Changes - In Q3 2025, revenue grew by 54% compared to Q3 2024, driven by key products [6][9] - Gross margin as a percentage of revenue was 83.6%, an increase of 1.4 percentage points year-over-year [9] - Earnings per share increased to $7.02, compared to $1.18 in Q3 2024 [10] Business Line Data and Key Metrics Changes - Revenue from key products accounted for $12 billion in the quarter, with significant contributions from immunology, oncology, and cardiometabolic health [11][12] - EBGLYSS prescriptions increased by 41% in Q3 2025 compared to Q2 2025 [11] - Mounjaro's total prescriptions grew by over 60% in the U.S. [14] Market Data and Key Metrics Changes - U.S. revenue increased by 45%, with strong volume growth from Zepbound and Mounjaro, despite a 15% decline in price [10] - International revenue increased by over 100% in constant currency, reflecting strong uptake of Mounjaro [10] - Japan, China, and the rest of the world saw constant currency revenue growth of 24%, 22%, and 51%, respectively [10] Company Strategy and Development Direction - The company is focused on expanding its manufacturing footprint and has announced plans for new facilities in the U.S. [7][8] - Lilly aims to leverage its robust pipeline and R&D investments to maintain a competitive edge in the market [51][53] - The company is pursuing an "all of the above" strategy to expedite the launch of orforglipron [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance and market share gains in the incretin analogs market [6][9] - The company raised its revenue and earnings per share guidance for the year based on strong financial performance [6][15] - Management acknowledged the competitive landscape but emphasized confidence in their portfolio and execution strategy [51][53] Other Important Information - The company distributed $1.3 billion in dividends and executed approximately $700 million in share repurchases during the quarter [8] - Lilly achieved several key milestones, including FDA approvals and positive trial results for multiple products [7][26] Q&A Session Summary Question: Comments on orforglipron and its market launch - Management indicated a focus on getting orforglipron to patients quickly and is pursuing various strategies to expedite its launch [39] Question: Insights on Mounjaro's international ramp - Management noted strong performance in new markets and emphasized the importance of patient activation for obesity treatment [46] Question: Market dynamics and competitor behavior - Management expressed confidence in their competitive position and highlighted ongoing investments in R&D and execution [51][53] Question: Pricing and volume dynamics for orforglipron - Management discussed the importance of understanding price elasticity and the potential for significant market expansion with orforglipron [85]

Financial Data and Key Metrics Changes - In Q3 2025, revenue grew by 54% compared to Q3 2024, driven by key products [4][9] - Gross margin as a percentage of revenue was 83.6%, an increase of 1.4 percentage points year-over-year [9] - Earnings per share increased to $7.02, compared to $1.18 in Q3 2024 [10] Business Line Data and Key Metrics Changes - Revenue from key products accounted for $12 billion in the quarter, with significant growth in immunology, oncology, and cardiometabolic health [11][12] - EVGLIS prescriptions increased by 41% in the U.S. for atopic dermatitis [11] - Mounjaro's total prescriptions grew by over 60% in the U.S. [14] Market Data and Key Metrics Changes - U.S. revenue increased by 45%, driven by strong volume growth of Zepbound and Mounjaro, despite a 15% decline in price [10] - International revenue increased by over 100% in constant currency, reflecting strong uptake of Mounjaro [10] - Japan, China, and the rest of the world saw constant currency revenue growth of 24%, 22%, and 51%, respectively [10] Company Strategy and Development Direction - The company is focused on expanding its manufacturing footprint and has announced plans for new facilities in the U.S. [6][7] - The strategy includes pursuing multiple pathways to market for Orforglipron, aiming for rapid patient access [43] - The company is committed to innovation and execution, with a robust pipeline and ongoing investments in R&D [60][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong performance and market share gains, particularly in the incretin analogs market [4][9] - The company raised its revenue and earnings per share guidance for the year, anticipating full-year revenue between $63 billion and $63.5 billion [16] - Management highlighted the importance of transparency in pricing and the potential impact of recent changes in PBM models on market dynamics [73] Other Important Information - The company distributed $1.3 billion in dividends and executed approximately $700 million in share repurchases during the quarter [8] - Significant progress was made in R&D, with multiple positive Phase 3 trial results announced [17][20] Q&A Session Summary Question: Comments on Orforglipron and National Priority Review voucher program - Management indicated interest in getting Orforglipron to patients quickly and is pursuing various strategies for market entry [43] Question: Insights on Mounjaro's international ramp - Management noted strong performance in new markets and emphasized the importance of patient activation for obesity treatment [52] Question: Market dynamics and competitor behavior - Management expressed confidence in their competitive position and highlighted ongoing investments in R&D to maintain leadership [60][62] Question: Pricing and volume dynamics for Orforglipron - Management discussed the importance of direct-to-consumer platforms and the potential for significant market expansion with Orforglipron [115]

Core Insights - The market for obesity and diabetes treatments is experiencing significant growth, with Eli Lilly's drugs Mounjaro and Zepbound generating over $10 billion in sales during Q3, accounting for more than half of the company's total sales of $17.6 billion [1][5] - Novo Nordisk is pursuing the acquisition of Metsera Inc. for up to $9 billion, following Pfizer's nearly $5 billion bid for the same company, which is developing potential treatments but currently has no products on the market [2][6] - The popularity of GLP-1 receptor agonists is driving sales and acquisition interest, as they help regulate appetite and feelings of fullness, although they may not be effective for everyone and can cause side effects [3] Company Performance - Eli Lilly's Zepbound sales nearly tripled to $3.57 billion in Q3, while Mounjaro's revenue doubled to $6.52 billion, largely due to growth outside the U.S. [4] - Combined sales of Mounjaro and Zepbound have reached nearly $25 billion in 2023, surpassing Eli Lilly's total revenue for 2020, and contributing to a Q3 profit of $5.58 billion [5] Market Dynamics - Improved drug supplies and increasing insurance coverage are enhancing access to these treatments, which can cost around $500 per month without insurance [4] - Novo Nordisk's offer for Metsera includes a base payment of $56.50 per share, with potential additional payments based on drug development milestones, significantly increasing the value compared to previous trading prices [6] - Pfizer, known for its COVID-19 vaccine, is re-entering the obesity treatment space after previously halting its own drug development efforts [7]