Raphael Stevens

Eli Lilly said it expects to release data from a late-stage trial on its next-generation weight loss drug retatrutide later this year, which is a few months earlier than expected. 
The company expects to read out results from a study in people with obesity and osteoarthritis of the knee in 2025.
Retatrutide is a key part of Eli Lilly’s drug pipeline that works differently from existing treatments and appears to be more effective.

The Eli Lilly & Co. logo at the company’s Digital Health Innovation Hub facility in Singapore, on Thursday, Nov. 14, 2024. 
Ore Huiying | Bloomberg | Getty Images

Eli Lilly on Thursday said it expects to release data from a late-stage trial on its next-generation weight loss drug retatrutide later this year, which is a few months earlier than anticipated. 
The company expects to read out results from a study in people with obesity and osteoarthritis of the knee in 2025, according to fourth-quarter earnings slides on its website. Eli Lilly previously said that phase three study was expected to finish in February of 2026. 

It is among at least nine closely watched clinical trials on retatrutide, which works differently from the obesity and diabetes treatments on the market and appears to be even more effective at weight loss. 
Retatrutide is a key part of Eli Lilly’s drug pipeline that could help the company maintain its dominance in the blockbuster weight loss and diabetes treatment space and gain an edge over key competitor Novo Nordisk. Dubbed the “triple G” drug, retatrutide works by mimicking three hunger-regulating hormones: GLP-1, GIP and glucagon. That appears to have more potent effects on a person’s appetite and satisfaction with food.
Meanwhile, tirzepatide – the active ingredient in Eli Lilly’s weight loss shot Zepbound and diabetes drug Mounjaro –mimics two hunger-regulating hormones, GLP-1 and GIP. Novo Nordisk’s weight loss drug Wegovy only mimics GLP-1.
The treatment also appears to cause even greater weight loss than tirzepatide, which has skyrocketed in demand in the U.S.
Retatrutide helped patients lose 24.2% of their body weight, or 58 pounds, on average after 48 weeks in a mid-stage trial on adults who were obese or overweight. Those who took the placebo lost 2.1% of their body weight after that same time period.

Higher doses of tirzepatide helped patients with obesity lose up to 22.5% weight loss on average in late-stage studies.
— CNBC’s Angelica Peebles contributed to this report. More

Yum Brands on Thursday reported quarterly earnings and revenue that beat Wall Street estimates.
Results were fueled by strong sales for KFC’s international restaurants and Taco Bell.
Net sales climbed 16% to $2.36 billion, and the company’s same-store sales rose 1%.

A sign is posted in front of a Taco Bell restaurant in Richmond, California, on May 1, 2024.
Justin Sullivan | Getty Images

Yum Brands on Thursday reported quarterly earnings and revenue that beat Wall Street estimates, fueled by strong sales for KFC’s international restaurants and Taco Bell.
Shares of the company rose more than 2% in premarket trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $1.61 adjusted vs. $1.60 expected
Revenue: $2.36 billion vs. $2.35 billion expected

The restaurant company reported fourth-quarter net income of $423 million, or $1.49 per share, down from $463 million, or $1.62 per share, a year earlier. Excluding refranchising gains and other items, Yum earned $1.61 per share.
Net sales climbed 16% to $2.36 billion. More than half of Yum’s quarterly sales were digital, which includes online and delivery orders and those placed through in-store kiosks.
Yum’s same-store sales rose 1% in the quarter, thanks to Taco Bell.
Taco Bell reported same-store sales growth of 5%. Executives have previously credited the chain’s strong value perception for its success in recent quarters.

KFC’s same-store sales were flat for the quarter, but the fried chicken chain saw stronger demand outside of the U.S. For example, in China, its largest market, KFC’s system sales increased 5% in the quarter. Europe and Latin America reported double-digit system sales growth. The chain’s international same-store sales rose 1% overall in the quarter.
Meanwhile, in its home market, KFC’s U.S. same-store sales slid 5%. Popeyes has overtaken the chain to become the second-biggest chicken chain in the U.S., and other upstarts, like Raising Cane’s, have been growing quickly.
Pizza Hut, the laggard of Yum’s portfolio, reported same-store sales declines of 1% for the quarter. The pizza chain’s U.S. same-store sales fell 2%, while its international business reported flat same-store sales.
Yum opened 1,804 new restaurants during the quarter, growing its unit count by 5%.
This story is developing. Please check back for updates. More

Bristol Myers Squibb said it will slash $2 billion in costs by the end of 2027, expanding its ongoing cost savings effort to chart a path toward long-term growth. 
The company also issued a full-year 2025 guidance that fell short of Wall Street’s expectations, as some of the company’s older drugs face competition from cheaper generics.
But Bristol Myers still reported fourth-quarter revenue and adjusted earnings that blew past expectations, boosted by Eliquis and its so-called “growth portfolio” of drugs. 

The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, on Dec. 27, 2023.
Adam Glanzman | Bloomberg | Getty Images

Bristol Myers Squibb on Thursday said it will slash $2 billion in costs by the end of 2027, expanding its ongoing cost savings effort to chart a path toward long-term growth. 
Bristol Myers said savings will be driven by organizational changes and efforts to streamline operations and will allow the company to invest in new science and drug brands expected to deliver growth. 

The pharmaceutical giant still plans to cut $1.5 billion in costs by the end of 2025 and funnel that money into drug development. It first announced those cuts in April, and expanded on them with Thursday’s announcement.
The company is preparing to offset the loss in revenue from top-selling treatments slated to lose exclusivity on the market, including its blockbuster blood thinner Eliquis and cancer immunotherapy Opdivo. 
Also on Thursday, Bristol Myers Squibb issued full-year 2025 guidance that fell short of Wall Street’s expectations, as some of the company’s older drugs face competition from cheaper generics. That includes four drugs for different cancers: Revlimid, Pomalyst, Sprycel and Abraxane. 
Bristol Myers expects revenue to come in around $45.5 billion, which is below the $47.36 billion that analysts surveyed by LSEG were expecting. 
The company’s revenue guidance also reflects an approximately $500 million expected negative impact from foreign exchange.

The drugmaker expects adjusted earnings per share of between $6.55 to $6.85. Analysts surveyed by LSEG expected adjusted earnings of $6.92 per share. 
Despite that outlook, Bristol Myers reported fourth-quarter revenue and adjusted earnings that blew past expectations, boosted by Eliquis and the company’s so-called “growth portfolio” of drugs. 
Here is what Bristol Myers reported for the fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

Earnings per share: $1.67 adjusted vs. $1.46 expected
Revenue: $12.34 billion vs. $11.57 billion expected 

Bristol Myers posted net income of $72 million, or 4 cents per share, for the fourth quarter. That compares with net income of $1.8 billion, or 87 cents per share, for the year-earlier period. 
Excluding certain items, it reported adjusted earnings per share of $1.67 for the quarter. 
The pharmaceutical giant’s revenue rose 8% from the same period a year ago to $12.34 billion. 
Eliquis booked $3.2 billion in sales for the quarter, up 11% from the year-ago period. That is above the $3.03 billion that analysts were expecting, according to estimates compiled by StreetAccount.
The blood thinner, which Bristol Myers shares with Pfizer, is expected to lose market exclusivity by 2028. 
Sales of Eliquis could also take a hit in 2026, when a new negotiated price for the drug goes into effect for certain Medicare patients following negotiations with the federal government. Those price talks are a key provision of the Inflation Reduction Act.
The second round of negotiations targets 15 additional drugs and will set new prices that will go into effect in 2028. That includes Pomalyst, which is used to treat a blood cancer called multiple myeloma and a cancer that develops in people with HIV.
Pomalyst brought in $823 million for the period, down 8% from the year-earlier period. Sprycel booked $198 million in sales for the quarter, down 62% from the same period a year ago. Abraxane generated $174 million in revenue for the fourth quarter, down 30% from the same quarter in 2023. 
Revlimid took in $1.34 billion in sales for the fourth quarter, down 8% from the same period a year ago. That surpassed analysts’ revenue expectations of $1.10 billion for the treatment, according to StreetAccount. 
Revenue from the company’s Growth Portfolio was $6.36 billion for the fourth quarter, up 21% from the year-earlier period. 
Opdivo brought in $2.48 billion in revenue for the fourth quarter, up 4% from the year-earlier period. That fell under analysts’ estimate of $2.51 billion for the quarter, StreetAccount said. More