Eli Lilly: shares down after cancer drug misses study goal

(CercleFinance.com) - Eli Lilly and Company's stock lost more than 2 percent of its value, after the US drugmaker said its soft tissue sarcoma drug failed a late-stage study.


The Indianapolis-based company said Lartruvo (olaratumab) did not meet the primary endpoint of showing overall survival in a phase III trial.

Lilly expects to incur a charge for the drug and expects the failure to have an impact of approximately 17 cents per share on its full-year 2019 EPS.

Sarcomas are a diverse and relatively rare types of cancer that usually develop in the connective tissue of the body, which includes fat, blood vessels, nerves, bones, muscles, deep skin tissues and cartilage.

Soft tissue sarcoma is a particularly complex disease.

Lilli shares are currently down 2.5% at 116.1 dollars.

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