Eli Lilly Gives No New Information On Rheumatoid Arthritis Drug Delay

Eli Lilly and Co on Tuesday provided no new information on how long U.S. regulators might delay approval of its closely watched rheumatoid arthritis drug after its surprise rejection by the Food and Drug Administration this month.

Lilly shares, which have outperformed its rivals this year, fell 3 percent to $80.83 even though the U.S. drugmaker reported a slightly higher-than-expected quarterly profit.

"Maybe people are trying to understand where the near-term upside is going to come from," said Credit Suisse analyst Vamil Divan, adding that investors may be taking profit while waiting for clarity on baricitinib.

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