Eli Lilly said it received Food and Drug Administration approval for its treatment for moderate to severely-active Crohn’s disease, an inflammatory bowel disease that causes chronic abdominal pain.

Eli Lilly said on Wednesday the U.S. health regulator has approved its drug to treat adults with moderate-to-severe Crohn's disease, a type of chronic inflammatory bowel disease (IBD). The drug, branded as Omvoh,

Eli Lilly (NYSE:LLY) has received FDA approval for its drug Omvoh, also known as mirikizumab-mrkz, for the treatment of moderately to severely active Crohn's disease in adults. The drug was previously approved in 2023 for the treatment of moderately to severely active ulcerative colitis in adults.

Eli Lilly shares dropped after the drugmaker cut its 2024 revenue guidance, citing lower-than-expected demand for its obesity and diabetes drugs.

Eli Lilly (LLY) reduced its fourth-quarter sales guidance by 5%, lowering expectations to $13.5 billion. This figure is $400 million below the low end of the company’s prior guidance and includes $3.5 billion from its type 2 diabetes drug Mounjaro and $1.