angelica peebles on how eli lilly is holding in the world of glp 1s.au will have the reaction for us. mike, what's on your mind? >> still a bull market. looks like it and acts like it in every significant respect. it really has slowed down. it's come across this leadership shift. been absorbing the retreat on a relative basis in megacap tech. we're up since mid july 2 1/2 months. less than 1% in the s&p 500. the average stock has done better. all of that is context as the bull market gets ready to enter the third year. more of a sober plotting type of a tone to a bull market. everything else is clicking together. i think the fact that it can wea wait and see near the highs is not a negative. >> time flies. it's hard to believe -- >> two years. >> -- it's been two years for this bull market. >> in a couple of weeks. >> see what happens on friday with the jobs report where this next step goes, i suppose. angelica peebles following eli lilly for us today. what can you tell us? >> reporter: yeah, scott. today lilly is announcing a $4.5 billion center on r&

angelica peebles set down with the ceo for more on the company's plans. angelica >> hey, melissa.right lilly is focusing on this center to come up with new ways to make its medicines. now, the goal here is to replicate some of the success that it's found with tirzepatide. the company found a more efficient way to make that drug, and that is going to allow it to make more of it, and it's going to implement that process at a $9 billion manufacturing site that it's building close to that new center that it's building, that's about a 40-minute drive from where we are today at lilly's headquarters in indianapolis mel, you know how important supply is for lilly. the company is really focused on trying to build up the supply. right now, there's just not enough to launch it all over the world. david ricks telling me there are 40 countries where the drug is approved, but not launched, because they just don't have enough of it take a listen. >> i know people get upset because we haven't produced enough, that's, you know, pressure's a privilege we're doing everything we can to produce more r

angelica peebles has the latest on this one. >> that's right. an industry group that representing compounders is suing the fda, saying they took tirzepatide off the shortage list even though it is still in short supply. remember, tirzepatide is the active ingredient in mounjaro and sezepbound. we'll keep an eye on this. melissa? >> do they offer data on why it would not be in short supply? because as i understand it, the wait times in terms of, you know, your ability to get a prescription filled is actually a lot less now. >> it's a great question, and we just got this, so, i haven't got a chance to go through the full lawsuit, but they're saying the fda acted too quickly and it still is in shortage, though they took it off the list. so, again, we'll have to say exactly what they're claiming in this lawsuit. >> fascinating story. angelica, thank you. >>> let's turn now to a couple of big tech calls today. we'll start off with apple. down slightly today after jeffries downgraded this one. analysts saying the near-term expectations for a.i. is too

angelica peeble has more on the numbers. angelica?d, this is exactly what pfizer needed, this big beat and raise. but what's interesting is where this beat is coming from, and that's coming from its covid portfolio. so in the quarter, paxlovid, the covid antiviral, that beat estimates by about $2 billion. and its covid vaccine also coming in about $400 million ahead of estimates. remember, pfizer is trying to move beyond the covid franchise and get people to pay attention to what else is in the pipeline and portfolio. one area that it's focusing on a lot is cancer, and we saw some pretty mixed results there. a few of those drugs from seagen coming in a little bit short. so we're going to want to hear more from pfizer on the call about what is happening there in cancer. jpmorgan saying that pfizer really needs to see more progress in the portfolio and in the pipeline to significantly change the narrative, and the big question, of course, today is will this be enough to get starboard off of pfizer's back, and will this be enough for the

our angelica peebles is live in indianapolis with more. ca. >> good morning, carl. that's right, we are here in indy at one of lilly's research lapse. this is the place where zeptide was made. this is a really important area for the company, of course. they have a lot more in development. we sat down with ceo dave ricks yesterday about what's next, here's what he had to say. >> currently, lilly has 11 pipeline projects in obesity. all with sort of different modes of action or different modes of delivery. oral is a big need, of course. multi-modal, so it's different than other glp-1s. we have dual acting and triple-acting drugs with multiple mechanisms to have more potent effects. >> now, a big piece of this investment in going forward for lilly is figure out how to make these medicines. they're really complex, and that's why the company today is saying that it will spend $4.5 billion to open gnaw center about 40 miles northwest of here, that will focus on r&d manufacturing. that new facility will do some of what's happening here at a bigger

angelica peebles joins us now with the latest. good morning. >> reporter: good morning, joe. it will build a $4.5 billion center focused on researching better ways to make its medicines. the lilly medicine foundry will focus on two things. developing new ways to produce drugs and supplying drugs for its clinical trials. it will be just down the road from where we are today in lebanon. this building behind me will one day produce the active ingredient in diabetes and weight loss drugs mounjaro and zepbound. this facility will use more efficient process for making it that lilly scientists developed. the company wants to repeat that success with its other medicines. dave ricks telling me sometimes small changes can lead to dramatic results. >> for production levels, sometimes these steps can yield three or four fold output. 300%, 400% improvement. that can be the case sometimes. for clinical trials, by centralizing all that work, especially for the complex molecules, we can save time because if you're doing this through third parties, you got to often get multiple third parties

cnbc's health and pharma reporter angelica peebles joins us now with more.xpecting a revenue short fall. so, i have two questions for you. is it all glp 1 related and, if so, is it just lilly's version of glp 1 or is there some type of, i don't know, softness? did we get ahead of ourselves on the whole weight loss -- in this country, everybody talks about it, everybody is taking it, and do we get ahead of ourselves? is there any slowdown in demand for it? >> certainly the story for lilly is all about the glp 1s, about mounjaro and zepbound. that's the thing investors are paying the closest attention to. that's the revenue driver going forward. that's why we're focusing so much on it. that is the focus of today's report because the company just a quarter ago raising its full year sales estimate by $3 billion, saying that it had better visibility into supply and now they're taking that back a little bit, trimming the top end of the guidance, in both zepbound and mounjaro coming short of estimates in the third quarter. and so we're going to have to hear what li