Lilly deepens its decline after the appointment of RFK Jr to a position in the health sector in the United States – 11/18/2024 at 9:21 p.m.

((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

(Updates)

November 18 – **Shares of drugmaker Eli Lilly LLY.N fall ~3.4% to $720.96, on track for fifth straight losing session

** Lilly shares fell on the follow-up to Thursday's announcement of Robert F. Kennedy Jr. to lead the U.S. Department of Health and Human Services, said Evan Seigerman, an analyst at BMO Capital Markets

** Shares of obesity drug makers such as Novo Nordisk NOVOb.CO NVO.O and Lilly have fallen since the ruling

** Novo's publicly traded shares fell 2% and those of Structure Therapeutics GPCR.O , which develops weight-loss drugs, fell 12.6%.

**Kennedy criticizes obesity drugs' focus on symptoms rather than improving the food system

** Kennedy remains limited in his ability to influence policy or the price of obesity drugs, Seigerman says, adding that the drop in shares of obesity drug developers is “overblown”

** Lilly shares are up 55% through October, making it the world's most valuable health care company

** Separately, Novo says it has launched its popular obesity drug Wegovy in China

**Including session moves, LLY stock is up 23.4%, NVO is down 3.7%, GPCR is down 27.2% year to date