New York, March 3, 2026, 17:25 EST — After-hours
- Eli Lilly and Company shares slipped roughly 1% Tuesday, adding to Monday’s steep decline.
- The drugmaker could roll out its oral obesity pill as soon as the second quarter, if the FDA signs off—a decision is due in April.
- Ventyx Biosciences shareholders gave the green light to a merger with Lilly, paving the way for the deal to potentially close ahead of Wednesday’s open.
Eli Lilly and Company (LLY) wrapped up Tuesday’s session down roughly 1%, settling at $1,007.73. That followed a 3.23% drop the previous day.
Shares slipped as traders waited for the FDA’s April call on orforglipron, Lilly’s oral GLP-1 pill for obesity. “On track in the US, expect to see potentially that product coming into the market as early as Q2,” CFO Lucas Montarce said. He noted they could ship within about a week if the nod comes through. Reuters
Tuesday brought fresh complications from regulators. The FDA fired off warning letters to 30 telehealth companies, targeting ads for compounded versions of big-name weight-loss drugs — think custom pharmacy mixes, among them semaglutide and Lilly’s tirzepatide. “It’s a new era of enforcement,” FDA Commissioner Marty Makary said. Reuters
The broader market wasn’t much of a cushion. “Investors are growing anxious about the duration of the war and its impact on energy prices,” said Joseph Tanious, chief investment strategist at Northern Trust Asset Management. The S&P 500 shed roughly 0.9%, with traders on edge over the possibility that turmoil in the Middle East might prolong elevated oil prices. Reuters
Ventyx Biosciences got the green light from its shareholders for the planned merger with Lilly, according to a fresh filing. Roughly 44.2 million shares backed the agreement, with just 1.6 million voting against. The move sets Ventyx on track to become a full subsidiary of the pharma giant.
Nasdaq plans to halt trading in Ventyx stock following the after-hours session, likely at about 7:50 p.m. ET. The merger is on track to wrap up before the market opens March 4.
For holders of Lilly, the main wild card is still how the oral obesity launch shakes out—impacting everything from demand to pricing and insurance coverage. Pharmacy benefit managers are entrenched in this battle, negotiating drug prices between insurers and manufacturers.
Everything rests with regulators right now. An FDA delay in April, or stricter labeling, maybe even sluggish insurance uptake—any of those could dampen launch expectations and keep the stock under pressure.
Traders now have a clearer read on Washington’s latest advertising push. If the FDA steps up scrutiny of compounded weight-loss drug marketing, that could speed up the shift of patients returning to branded treatments — and may force telehealth platforms to rethink how hard they go after this market.
Wednesday’s on deck. Investors want to see if the Ventyx deal finishes on time, and they’re scanning for hints about the FDA’s April decision window for orforglipron.
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