Key Takeaways
- Eli Lilly reported its current treatment for ulcerative colitis, Omvoh, was effective in helping those with Crohn’s disease.
- The Phase 3 trial showed more than half of those taking Omvoh achieved clinical remission in a year.
- Eli Lilly shares headed toward an all-time closing high on the news.
Shares of Eli Lilly (LLY) were on track to close at an all-time high Tuesday as a study showed the pharmaceutical giant’s current drug for ulcerative colitis also was successful in treating Crohn’s disease.
The company reported that a Phase 3 trial of mirikizumab, sold under the brand name of Omvoh, found that patients with moderately or severely active Crohn’s disease “achieved statistically significant and clinically meaningful improvements across multiple clinical and endoscopic endpoints at one year.”
Lilly explained that 54.1% of those receiving mirikizumab achieved clinical remission, and 48.4% had an endoscopic response.
The company noted that this year it has submitted a supplemental Biologics License Application for use of mirikizumab to treat Crohn’s disease with the Food and Drug Administration (FDA) and European Medicines Agency (EMA). It added that it plans to make requests to other global regulators as well.
Eli Lilly shares, which rose 2.9% to $806.23 as of 1:49 p.m. ET Tuesday, have increased about 38% so far in 2024, boosted by soaring global demand for weight-loss treatments. In November, the company received FDA approval for the obesity drug Zepbound, which has the same active ingredient as its best-selling product, diabetes medicine Mounjaro. The two of them combined for $2.32 billion in sales in the first quarter.