Company Update (NYSE:LLY): FDA Advisory Committee recommends approval of Jardiance® (empagliflozin) for cardiovascular indication in 12-11 vote

[PR Newswire] – RIDGEFIELD, Conn. and INDIANAPOLIS, June 28, 2016 /PRNewswire/ — A U.S. Food and Drug Administration (FDA) Advisory Committee today voted 12-11 that substantial evidence exists to establish that Jardiance® (empagliflozin) reduces cardiovascular (CV) death in adults with type 2 diabetes (T2D) and established CV disease. JARDIANCE, which is marketed by Boehringer Ingelheim and Eli Lilly and Company (LLY), is the only oral T2D medicine shown in a clinical trial to reduce the risk of CV death. The recommendation was made by the Endocrinologic and Metabolic Drugs Advisory Committee based on data from the landmark EMPA-REG OUTCOME® trial, which found that JARDIANCE significantly reduced the risk of the combined endpoint of CV death, non-fatal heart attack or non-fatal stroke by 14 percent when added to standard of care in adults with T2D and established CV disease. Read more on this. Eli Lilly and Company (LLY) , with a current value of $79.30B, opened this morning at $75.13. Looking at today’s trading action, the company’s one day range from $73.75 to $76.25 with the price of the stock fluctuating between $67.88 to $92.85 over the last 52 weeks. LLY shares are currently priced at 20.98x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 0.52x forward p/e ratio. The company pays shareholders $2.04 per share annually in dividends, yielding 2.74%. In a review of the consensus earnings estimate this quarter, 17 sell-side analysts are looking at $0.86 per share, which would be $0.04 worse than the year-ago quarter and a $0.01 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $3.57 is a $0.14 better when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $5.14 Billion. If realized, that would be a 3.21% increase over the year-ago quarter. In terms of ratings, Societe Generale Initiated LLY at Hold (Apr 6, 2016). Previously, BMO Capital Markets upgraded LLY from Market Perform to Outperform. The average price target for LLY shares by the analysts covering it is $95.71, which is 27.39% above where the stock opened. See more in (NYSE:LLY) Similar Articles: Stock Update (NYSE:LLY): Jardiance® (empagliflozin) significantly reduced the risk of progressive kidney disease in adults with type 2 diabetes with established cardiovascular disease Market Update: Eli Lilly & Company (NYSE:LLY) – Lilly’s Taltz® (ixekizumab) Receives U.S. FDA Approval for the Treatment of Moderate-to-Severe Plaque Psoriasis Market Update: Eli Lilly & Company (NYSE:LLY) – U.S. FDA Accepts Filing of Cardiovascular Outcomes Data for Jardiance® (empagliflozin)