Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female engineer named Morgan Beller.Technologyread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
"You need to understand that we're about to embark on the busiest week of the year for industrial earnings," CNBC's Jim Cramer says.Mad Money with Jim Cramerread more
Boston Federal Reserve President Eric Rosengren is lining up against an apparent push to cut interest rates, telling CNBC in an interview Friday that the central bank can...The Fedread more
Eli Lilly said on Thursday its new two-in-one diabetes drug was successful in lowering blood sugar and reducing weight, sending its shares to a record high and weighing on those of arch-rival Novo Nordisk.
The novel drug targets two key gut hormones at the same time, and could pose a threat to currently available single-hormone drugs, which form a large and growing part of Novo's business.
Lilly's treatment reduced blood sugar levels in type 2 diabetes patients by up to 2.4 percent and produced an average weight reduction of up to 12.7 percent in a mid-stage study by targeting the GLP-1 and GIP hormones.
The trial results set a new industry gold standard versus marketed GLP-1s, including Novo's Ozempic for both blood sugar lowering and weight loss, Citi analyst Andrew Baum said.
Lilly's shares were rose 6.5 percent to a record high of $115.68 in early trading, while those of Novo fell nearly 8 percent.
Novo's existing GLP-1 products include Victoza and Omzepic, and the company is also developing an oral version of semaglutide, the active ingredient in Ozempic.
Lilly said it intends to complete its late-stage study for the drug in late 2021, and is also evaluating the drug for treating obesity, among other conditions.
BMO Capital Markets analyst Alex Arfaei said the treatment provides Lilly with a reasonable shot at the large obesity market and should meaningfully strengthen the company's position in the rapidly growing GLP-1 market.
About 30 million adults in the United States have diabetes, with 90 percent to 95 percent of them suffering from type 2 diabetes.
Obesity is a major risk factor for developing type 2 diabetes, and weight loss as little as 5 percent of the total body weight has been found to help improve type 2 diabetes in patients who are obese or overweight, according to American Society for Metabolic and Bariatric Surgery.
Lilly's wide portfolio of diabetes drugs, including GLP-1 drug Trulicity, contributed at least 38 percent to its total sales of $6.36 billion in the latest reported quarter.
"With Trulicity representing a core growth driver for Lilly and competitive concerns regarding Ozempic and oral semaglutide causing an overhang on shares over the past year, we see todays results as a clear positive for the Lilly story," JP Morgan analyst Chris Schott said in a note.