Lilly raises full-year earnings forecasts on surging demand for weight-loss drug
However, shares of the U.S. drugmaker fell over 10% to $671.54 in premarket trading after data from its oral weight loss drug, orforglipron, disappointed investors.
Orforglipron helped patients lose 12.4% of their weight on average after 72 weeks, less than the 14.9% weight loss seen in a previous trial of Novo's Wegovy over 68 weeks and below what analysts were expecting.
Lilly competes with Danish drugmaker Novo Nordisk (NOVOb.CO), opens new tab in the fast-growing market for weight-loss drugs known as GLP-1 agonists. These drugs are expected to bring in $150 billion in industry-wide revenue over the next decade.
Novo said on Wednesday that it expects continued competition from copycat versions of its blockbuster obesity drug this year and could face layoffs as it battles rising pressure from its main U.S. rival Lilly.
Weekly U.S. prescriptions were at 418,597 for Zepbound and at 281,725 for Wegovy for the week ended July 25, according to IQVIA data provided by analysts.
Lilly said its share of the U.S. market for incretins, the class of drugs to which diabetes drug Mounjaro and weight-loss drug Zepbound belong, increased to 57% during the quarter.
Sales of Mounjaro came in at $5.20 billion for the second quarter, compared with analysts' expectations of $4.74 billion, according to data compiled by LSEG.
Zepbound clocked in sales of $3.38 billion for the quarter. Analysts were expecting sales of $2.95 billion.
The company now expects to earn $21.75 to $23 per share on an adjusted basis this year, compared with its previous forecast for a profit of $20.78 to $22.28 per share.
The U.S. drugmaker now expects annual sales of $60 billion to $62 billion, compared with its previous forecast of $58 billion and $61 billion. Analysts were expecting revenue of about $60 billion and profit of $21.74 per share for 2025.
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Daily Mail
30 minutes ago
- Daily Mail
Which EVs have been discounted by the Government? Every model that qualifies for the Electric Car Grant
After a three-year hiatus, ministers have reintroduced taxpayer-funded discounts on electric cars in a bid to accelerate Britain's transition to EVs. Labour announced its new Electric Car Grant (ECG) on 14 July, with Transport Secretary Heidi Alexander hailing it as the scheme to 'unlock' the nation's 'transition to zero emission vehicles' with promises of reducing prices by as much as £3,750. Its arrival comes in the wake of a slump in private EV sales and a chorus of industry players and car manufacturers demanding a wave of purchase incentives to help them to achieve binding zero emission vehicle sales targets set out by the ZEV mandate. The Electric Car Grant forms part of the UK's Plan for Change, and replaces the Conservative's scrapped Plug-In Car Grant which ended in 2022. But it's not as easy as walking into a showrooms and expecting to see the cost of a new EV slashed. Only models up to £37,000 are eligible and manufacturers need to adhere to certain sustainability criteria. And car makers have to apply for grants, which has resulted in huge delays announcing qualifying cars as Government bean counters determine which models will be subsidised. Here's a full list of every electric car that's qualified for the grant to date... What is the electric car grant? The ECG is backed by a £650million scheme that's due to run until 2028-29. It offers buyers money off new all-electric models that are sustainably manufactured and priced at – or under – £37,000. But the grant differs to the previous scheme under Tory leadership from 2011 to 2022 - one because it only supports the greenest EVs. Once the Department for Transport deems if a vehicle qualifies at all, it then has to determine the band based on the car's 'sustainability criteria'. This includes the emissions produced during the battery's manufacturing, the vehicle's assembly, and the carbon intensity of the electric grids in the countries where the car is made. A certain threshold (which has not been confirmed by the DfT) needs to be met to qualify as a 'Band 1' model and the full £3,750 subsidy. Models failing to meet this benchmark will be deemed 'Band 2' and only receive a £1,500 discount. Which models qualify for the Electric Car Grant? Due to the prolonged application and review process, the Government has in recent weeks been releasing details of which EV models are eligible in drips and drabs. It says it is doing so 'as fast as it can'. This, however, has created a lot of waiting, uncertainty and frustration. It took over three weeks for the first four eligible models from Citroen to be announced, but the numbers have continued to rise since. Below is the list of every manufacturer and model that's been given the green light for the ECG. Alpine Models eligible: Band 2 £1,500: A290 French performance brand Alpine has just one model in the Government's ECG list; the A290 electric hot hatch. The sporty city car has qualified for the £1,500 grant, meaning the compact EV now starts from £32,000. Despite being listed under 'Renault Alpine' in the Government's list, Alpine is a separate brand to Renault, although it is owned by the French car making giant. It serves as the Group's performance and motorsport brand, and develops its own technologies. Citroen Models eligible: Band 2 £1,500: e-C3 and e-C3 Aircross, e-C4 and e-C4 X, e-C5 Aircross, e-Berlingo Citroen was the first manufacturer to be awarded the grant, with four models passing the lower band (2): The e-C3, e-C4, e-C5 and e-Berlingo van all have £1,500 discounted from their OTR. With the £1,500 ECG applied, the new e-C3 is now available from £20,595, the new e-C3 Aircross starts at £21,595, and the New e-C5 Aircross can be acquired from £32,565. The e-Berlingo (M versions only) van will now cost from £29,740. Cupra Models eligible: Band 2 £1,500: Born The Cupra Born - which shares a platform with the VW ID.3 - has also qualified for the lower Band 2 grant of £1,500 Spanish brand Cupra's Born EV also qualifies for Labour's official ECG and now has the £1,500 discount automatically applied. So now the Born range costs from £34,190 for the 59kWh battery and from £35,495 for the 79kWh battery. Nissan Models eligible: Band 2 £1,500: Ariya, Micra Struggling Japanese manufacturer Nissan has two EV models that now receive the £1,500 ECG: the Ariya and the Micra. The Micra is the more exciting model to have the saving applied because it is one of three new cars Nissan is launching this year and brings back the iconic nameplate in electric form. It goes on sale in September, and the discount will already be applied – it will cost from £21,495. The Ariya now starts from £33,500 thanks to the ECG. Peugeot Models eligible: Band 2 £1,500: e-208, e-2008, e-308, e-Rifter French manufacturer Peugeot has three models in the lower Electric Car Grant: the e-208, e-2008 and e-Rifter MPV. The new e-208 is now available from £28,595, the new e-2008 from £32,195 and the new e-Rifter from £30,850, due to the £1,500 discount. Renault Models eligible: Band 2 £1,500: Renault 4, Renault 5, Renault Megane, Renault Scenic Renault has seen its Megane, Scenic, R4 (pictured) and R5 EVs all receive the £1,500 discount Renault's Alpine A290, Megane, Scenic, R4 and R5 EVs all receive the £1,500 discount, bringing the R5 down to £21,495 for the entry-level version and £25,495 for the R4 entry-level. The Megane costs from £30,995 and the Scenic E-Tech from £35,495. Renault has confirmed that the new ECG will be applied to all orders taken from 16 July, backdating the discount to customers who bought any of the eligible models from that date. Vauxhall Models eligible: Band 2 £1,500: Astra Electric, Combo Life Electric, Corsa Electric, Frontera Electric, Grandland Electric, Mokka Electric Vauxhall's entire EV range has been awarded the Band 2 £1,500 discount, with all models now costing less than £37,000. This includes the Mokka Electric (pictured) Vauxhall has had its whole electric range confirmed for Band 2, which sees the Corsa Electric, Combo Life Electric, Astra Electric, Mokka Electric, Frontera Electric and Grandland Electric all reduced by £1,500. The Vauxhall's Frontera Electric family SUV starts from £22,495 OTR, while the popular Corsa Electric is available from £26,005. The Mokka Electric starts from £31,005, while the Astra Electric and Astra Sports Tourer now start from £33,505 and £34,705, respectively. The Grandland Electric is the most expensive with the grant applied costing £35,455. Volkswagen Models eligible: Band 2 £1,500: ID.3 So far Volkswagen's ID.3 is the only model from the German brand to qualify for the Govt grant Volkswagen's smallest electric car, the ID.3, is the first VW EVs now eligible for the Government scheme. With the £1,500 discount the ID.3 range is available from £29,360 for the ID.3 Pure Essential. Which brands are offering their own electric car grants? Chinese brands are unlikely to be included in the Electric Car Grant on manufacturing –related emissions ground, due to the coal use for energy creation in the East Asian country. So most Chinese manufacturers have decided to take matters into their own hands and offer grant-style savings of their own - some matching the Government's maximum subsidy of £3,750. But non-Chinese brands have also released their own grants while they wait to hear if they pass the Government's application process. We've compiled a full list of all the car makers that are offering their own manufacturer electric car grants – from £1,500 to £3,750 – so it's worth checking to see if the model you want is discounted by the car maker even if it's not part of the official ECG. How do you get the ECG discount? The Electric Car Grant discounts will automatically be applied to recommended retail prices of vehicles that qualify. Once the Government has approved a model, the manufacturer will discount the price online, in showrooms and dealerships. There's no paperwork for car buyers to complete to gain the discount on your new EV - it's all done for you. What is a sustainable EV? Why is the grant focusing on 'green' electric cars? While electric vehicles are lauded for their zero tailpipe emissions, the carbon emissions and environmental impact during production hinder them from being completely 'green'. Therefore, the Government is looking at the carbon emissions across the vehicle's entire lifetime, focusing on how sustainably each model is made, rewarding those that deliver zero driving emissions and low production emissions. Labour says it will grant the car makers with only the 'highest manufacturing sustainability standards' with discounts. To qualify manufacturers must hold a Science Based Target at minimum, verified by the independent Science Based Targets initiative, which aligns with the Paris Agreement goals. If it does not pass these checks it will not be eligible for the grant. Every model available for ECG BAND 1 - £3,750 n/a BAND 2 - £1,500 Alpine A290 Citroen e-C3 and Citroen e-C3 Aircross Citroen e-C4 and Citroen e-C4 X Citroen e-C5 Aircross Citroen e-Berlingo Cupra Born Nissan Ariya Nissan Micra Peugeot e-208 Peugeot e-2008 Peugeot e-Rifter Renault 4 Renault 5 Renault Megane Renault Scenic Vauxhall Astra Electric Vauxhall Combo Life Electric Vauxhall Corsa Electric Vauxhall Frontera Electric Vauxhall Grandland Electric Vauxhall Mokka Electric Volkswagen ID.3
Telegraph
30 minutes ago
- Telegraph
Trader talk: bet365 trader breaks down Premier League Gameweek 1
After the first weekend of the new Premier League season, top bet365 expert Steve Freeth has given his thoughts on how it went for the bookmaker's trading desk. Odds courtesy of bet365. Correct at the time of publication and subject to change. Already a bet365 member? Check out more free bets from the best betting sites, reviewed by our experts. Punters profit from Liverpool game The trader reckons the results of the opening round of 10 matches in the domestic top flight have given an early advantage to bettors. Freeth said: 'The return of the Premier League had punters jumping for joy as odds-on favourites Liverpool, Tottenham, Manchester City, Nottingham Forest and Arsenal all obliged. 'We had some respite in the form of Aston Villa, Brighton and Chelsea dropping points, but the opening weekend belonged to bet365 customers. 'They were celebrating after just 125 seconds into the new season as a Super Boosted Hugo Ekitike fired a shot on target (2/5 – evens). 'We paid out on Liverpool at 50 minutes due to our 2 Goal Ahead Early Payout offer, as the £79m signing assisted Cody Gakpo to make it 2-0.' Freeth added: 'Then there was a spirited Bournemouth fightback, and the Cherries drew level. With Mohamed Salah and Florian Wirtz neither scoring nor assisting, we'd have taken the full-time whistle. 'However, Wirtz's replacement, Federico Chiesa, scored to trigger the Sub On Play On offer on the German – and then, to add insult to injury, Salah scored in added time, resulting in a significant swing.' Sub completes City hat-trick Freeth said that the worst result for bet365 was undoubtedly the Manchester City victory at Wolves. 'Ordinarily, backers of a Haaland hat-trick – 14/1 best – would've been frustrated at the sight of the two-goal Norwegian being replaced by Rayan Cherki. 'However, the Frenchman's strike on 81 minutes meant we paid more than 1,000 wagers that would've been settled as losers thanks to the Sub concession. City scoring four goals tells its own story.' And there were more stormy waters across the Midlands for the bookmaker. Freeth said: 'Forest may have struggled for goals in pre-season but they were backed into 9/10 from 11/10 by kick-off to beat Brentford, and we paid out before half-time as they sailed into a 3-0 lead on the banks of the River Trent.' There was little consolation for bet365 overall. As Freeth concluded: 'The 0-0 at Stamford Bridge did ease the pain. But while 10/11 Arsenal's 1-0 win at Old Trafford wasn't great for multiples, it was very helpful for bet builders, with Riccardo Calafiori scoring the only goal and Viktor Gyokeres being hooked on the hour – with his replacement, Kai Havertz, also having little say in proceedings.' Let battle recommence… The opening weekend of the new Premier League campaign inevitably prompted some media pundits to start speculating extravagantly about various teams' European or relegation prospects. But seasoned betting experts such as Freeth and his bet365 colleagues are taking their initial setbacks in their stride and looking forward to the second round of top-flight fixtures, beginning on Friday night with the mouthwatering derby at the London Stadium between West Ham United and Chelsea.
Reuters
30 minutes ago
- Reuters
Target's new CEO pick raises doubts about its much-needed brand reboot
Aug 21 (Reuters) - Target (TGT.N), opens new tab needs a hard reset on strategy, Wall Street believes. And new CEO Michael Fiddelke may not be the person to do it. The retailer has missed the performance mark for many quarters, with sales flagging after a pandemic high, as it failed to deliver what shoppers currently want: a wide variety of good-quality groceries and daily essentials at low prices, delivered to their homes quickly. Fiddelke, a company veteran of more than two decades who recently led an effort to remove complexity and expand the use of technology at Target, laid out his priorities on Wednesday, without wowing analysts on an earnings call. "We must reestablish our merchandising authority in a way that is distinctly Target," he said. "We want guests to find a sense of joy from every trip to Target and we must do that more consistently and frequently. And third, we must more fully use technology to improve our speed, guest experience and efficiency throughout the business." He did not describe what he meant by a 'distinctly Target' brand, beyond saying the company needed to reclaim its leadership in product assortment, style and design. Several analysts said the company had lost its way. "Target seems to be experiencing something of an identity crisis," said Jamie Meyers, senior analyst at Laffer Tengler Investments, which holds shares of rivals Walmart (WMT.N), opens new tab and e-commerce company (AMZN.O), opens new tab, but not Target. "It's unclear what they represent as they're not an office retailer, a low-budget chain, a dollar store or a direct competitor to Walmart or Amazon," said Meyers, who believes Target needs someone from the outside as CEO to get a fresh perspective. A person who acts as an electronics consultant to Target told Reuters the company was disorganized and made slow decisions, putting off many suppliers, which is reflected in their stores. "They knew who their shopper was and how to please them but now they've kind of forgotten that," the person said. Walmart, for instance, is attracting bargain-hunting higher-income customers with its 400 million online products that are rivaled only by Amazon. Target - once known for its cheap-chic wares and out-of-the-box marketing - has failed to excite shoppers with recent tie-ups like the one with Kate Spade, a bagmaker that is weighing on its parent Tapestry's (TPR.N), opens new tab profits. "Many in the market favored an external hire, arguing that would be the only way to re-energize this retailer and jump-start its strategic reinvention," said Michael Lasser, analyst at UBS. Still, Fiddelke is likely to be viewed as a safe pair of hands, having already overseen a big efficiency drive, said Susannah Streeter, head of money and markets, Hargreaves Lansdown. Target's stock is down 23% over the last five years, during which Walmart has risen 125% and Costco (COST.O), opens new tab has more than tripled. Walmart, scheduled to report earnings on Thursday, has long sacrificed margins for high sales volumes, especially on grocery. It has pumped money into expanding its home-delivery reach and, taking a cue from Amazon, included a subscription to Paramount+ (PSKY.O), opens new tab streaming with its annual membership. Target charges the same as Walmart, but without the movies. Expanding its e-commerce business and building a delivery infrastructure have been among Target's biggest challenges. Plus, the company's high-margin discretionary merchandise has for a few years now failed to resonate with buyers as their budgets shrink due to inflation and, more recently, tariffs, analysts said. The company pulled back its support for diversity, putting off some customers and, in the face of persistent theft, it simply locked up many goods. Fiddelke acknowledged many of these problems on Wednesday, saying Target was "urgently adjusting" to tariffs and changing consumer needs, embracing technology to automate manual work, and working to mend problems like slow decision-making, siloed internal goals, and a lack of access to quality data that would drive better inventory planning. Doubts remain, though. "The whole point of a board is to challenge thinking to ensure good decisions are made. Target's board and senior team do not seem to do this," said Neil Saunders, managing director at data analytics firm GlobalData. "They almost exist in their own bubble."
