New York, Jan 11, 2026, 10:13 EST — Market closed
- Lilly shares dropped roughly 2% on Friday, lagging behind a broader market that reached new highs
- Amazon Pharmacy now sells Novo Nordisk’s Wegovy pill for $149 a month in cash payments
- On Tuesday, Lilly will speak to investors at the J.P. Morgan Healthcare Conference
Eli Lilly and Company shares dropped 1.99% on Friday, closing at $1,063.56. The stock heads into Monday’s session under pressure after a volatile week for major pharmaceutical firms.
Investors are closely eyeing signs of a pricing battle in the obesity-drug sector after Amazon Pharmacy announced it now stocks Novo Nordisk’s Wegovy pill, available both through insurance and a cash-pay plan starting at $149 a month. Amazon added that eligible customers with commercial insurance might pay as little as $25 for a single month’s supply.
The timing is key as the sector’s largest investor event of the quarter kicks off this week in San Francisco. According to a J.P. Morgan conference agenda, the healthcare meeting is set for Jan. 12–15, with Eli Lilly scheduled to present at 2:15 p.m. Pacific on Tuesday.
Lilly slipped despite a solid market backdrop. The S&P 500 climbed 0.65% on Friday, hitting a record close at 6,966.28. That followed reports showing U.S. job growth decelerated more than anticipated in December, while the unemployment rate ticked down to 4.4%, according to Reuters.
For Lilly investors, the immediate focus isn’t the Friday macro bounce but what emerges from conference room talks: updates on supply, payer coverage, and demand for its weight-loss and diabetes drugs. Also in question is how the company plans to protect market share if oral pills shift patient out-of-pocket costs. Oral options are crucial—they eliminate needles and might expand the user base.
Lilly has been active on the acquisition front. This week, it agreed to buy Ventyx Biosciences for around $1.2 billion in cash, aiming to expand beyond its flagship diabetes and obesity drugs. Cantor Fitzgerald analyst Carter Gould called the deal a “strategic risk” on what “could be transformative therapies,” according to a note cited by Reuters. (Reuters)
A few days ago, Lilly inked a multi-year research and licensing deal with Nimbus Therapeutics to develop oral treatments targeting obesity and other metabolic disorders. The agreement includes a $55 million payment upfront and in near-term milestones, with total payouts potentially hitting $1.3 billion plus royalties if a drug clears approval, Reuters reported. (Reuters)
The macro calendar isn’t quiet either. Reuters’ “Week Ahead” column points out that major banks start reporting fourth-quarter earnings Tuesday, the same day the December CPI report drops — two key releases that could shift rate expectations and, in turn, impact valuations for high-growth pharma stocks.
The downside is straightforward. If cash-pay pricing takes center stage or insurers clamp down as more competitors enter, growth in the category could come at the cost of slimmer margins. For Lilly, missteps in integrating acquired assets or delays in developing pill-form obesity treatments could quickly dampen investor sentiment.
On Tuesday at 2:15 p.m. Pacific, Lilly takes the stage at the J.P. Morgan Healthcare Conference. Any updates on pricing, supply issues, or pipeline plans could shift this week’s trading mood. Investors are also eyeing Lilly’s Q4 earnings call set for Feb. 4. (Lilly Investor Relations)
