New York, Jan 14, 2026, 11:40 AM EST — Regular session
- Eli Lilly shares fell roughly 0.4% in early trading, mirroring weakness in the broader market
- The FDA has requested that drugmakers strip suicidality warnings from labels on obesity GLP-1 drugs, including Lilly’s Zepbound
- Investors are focused on when Lilly will decide on its oral obesity pill, alongside the Feb. 4 earnings call.
Eli Lilly and Company shares slipped Wednesday following a move by U.S. regulators to remove suicide-related warnings from several popular obesity drugs, including Lilly’s Zepbound. The stock was down roughly 0.4%, trading near $1,072.89 by late morning. 1
The label change is significant because it addresses a major safety concern that’s been dogging weight-loss drugs, even as demand remains robust and politicians and insurers press on prices. For Lilly, obesity remains the key driver in the stock, and anything that cuts “headline risk” usually gets factored in quickly.
The news comes as investors shift focus toward Lilly’s next growth driver: its oral weight-loss drug, orforglipron. Daniel Skovronsky, the company’s chief scientific and product officer, said this week that Lilly expects to have enough supply to launch in “many, many countries.” A fast-track review by the FDA could deliver a U.S. decision in as little as one to two months. 2
The FDA reported that its review found no increased risk of suicidal thoughts or behavior linked to GLP-1 receptor agonists — medications that mimic a gut hormone to reduce blood sugar and suppress appetite — and has directed companies to strip that warning from the labels of Wegovy, Saxenda, and Zepbound.
Lilly’s stock saw only a slight change, partly weighed down by a generally softer market. Wall Street’s key indexes fell for the second day running, as investors absorbed big-bank earnings reports alongside new U.S. economic data. 3
Orforglipron matters because it offers Lilly a pill alternative that skips the injection, crucial amid ongoing supply issues and high patient drop-off in the obesity sector. Skovronsky also presented the pill as a possible “maintenance” treatment for patients tapering off more potent injections.
Competition is heating up. Novo Nordisk has launched an oral weight-loss pill in the U.S., while Lilly claims its drug is easier to use, requiring no timing or fasting restrictions.
Still, there’s a catch. The obesity market has grown so large that pricing quickly becomes a political issue, and payers have already demonstrated they’ll limit access if costs outpace their budgets. Rushing the rollout could also expose supply and adherence challenges that are tough to predict.
Traders are keeping an eye out for clearer guidance on the FDA’s timeline for orforglipron, along with Lilly’s updates on demand and supply as the year kicks off. The next major event to watch is Lilly’s Q4 2025 earnings call, set for Feb. 4. 4
