NEW YORK, January 10, 2026, 10:08 EST — Market closed
Eli Lilly & Co shares fell 2% on Friday to $1,063.56, underperforming a stronger broader market and extending a two-day slide. The stock is now 6.21% below its 52-week high of $1,133.95 set on Thursday, while trading volume ran below its recent average.
The pullback lands as investors re-price big pharma growth names ahead of a busy stretch of healthcare headlines, from deal chatter to new drug readouts. Bankers and lawyers have been heading to San Francisco for next week’s J.P. Morgan Healthcare Conference, betting the tone on mergers could shift again in 2026 as antitrust pressure eases and big drugmakers look for assets.
Lilly added to the flow on Thursday with late-stage (Phase 3) trial results that paired its weight-loss drug Zepbound with its psoriatic arthritis treatment Taltz. Lilly said 31.7% of patients on the combination hit the main study goal at 36 weeks, versus 0.8% for Taltz alone, and an executive said the approach “has the potential to improve the standard of care.”
Another headline hit on Friday, when Schrodinger said it will collaborate with Lilly to offer Lilly’s artificial intelligence-based TuneLab platform inside Schrodinger’s LiveDesign software. The company said the integration is aimed at speeding up early drug development by helping researchers design compounds and predict how they might behave in the body.
From a trading angle, Lilly’s stock closed near the bottom of Friday’s range after opening at $1,085 and touching an intraday high of $1,104. It dipped as low as $1,063.32, according to market data.
Deal activity is still hovering over the name. Lilly agreed on January 7 to buy Ventyx Biosciences for $1.2 billion in cash, paying $14 a share, as it pushes beyond its blockbuster diabetes and obesity drugs. “We like that Lilly is taking chances on potentially transformative opportunities at relatively small dollar amounts,” Cantor Fitzgerald analyst Carter Gould said.
Investors also parsed an ownership disclosure: a Form 4 filing showed Lilly Endowment Inc, a more than 10% owner, sold 292,148 shares on January 7 across multiple open-market transactions. The filing showed the Endowment held 91,896,978 shares after the sales.
Next on the company calendar, Lilly is scheduled to present at the J.P. Morgan Healthcare Conference on January 13 at 5:15 p.m. EST. Lilly also lists its fourth-quarter 2025 earnings call for February 4 at 10:00 a.m. EST.
Macro matters, too, with investors watching data that can swing rate expectations and pressure high-priced growth stocks. The U.S. consumer price index for December 2025 is due on January 13 at 8:30 a.m. Eastern time, according to the Labor Department’s release schedule.
But the setup has traps. Trial wins can still disappoint in follow-on data, and insurers can resist paying up for new combinations even when doctors like the idea. For deal-driven upside, closing timelines and integration work can also turn into a drag if the market mood shifts.
Beyond next week’s conference headlines, traders are also looking ahead to the Federal Reserve’s January 27–28 meeting for the next signal on the path of interest rates. For Lilly specifically, the next hard catalysts are whatever it says in San Francisco and the February 4 earnings call.
