Eli Lilly rises 2% pre-market after positive Phase 3 trial data

Eli Lilly & Co. shares rose as much as 2 percent in pre-market trading Monday, extending a 7 percent surge from the prior session after the drugmaker reported positive topline results from a Phase 3 clinical trial.

"The data support a potential new standard of care for patients with this condition," David Ricks, chief executive officer at Eli Lilly, said in a statement.

The Phase 3 study met its primary endpoint with statistical significance, the company said Thursday after market close. Detailed efficacy and safety data have not yet been disclosed. The trial evaluated the company's investigational therapy for a chronic disease indication with a large addressable patient population.

The sustained rally adds roughly $35 billion to Eli Lilly's market capitalization over two sessions, reflecting investor confidence in the company's pipeline. The stock now trades near its 52-week high. Investors will watch for the full data presentation at an upcoming medical conference and the subsequent regulatory submission timeline.

This article is for informational purposes only and does not constitute investment advice.