U.S. stocks are rallying following an encouraging update on U.S. inflation.

Eli Lilly blew past second-quarter expectations with the diabetes treatment Mounjaro and its weight loss counterpart Zepbound funneling more than $4 billion in sales to the drugmaker.

Eli Lilly rode soaring demand for diabetes and weight-loss treatments to a better-than-expected finish in 2023, and the drugmaker expects momentum to carry into the new year.

Eli Lilly will cut prices for some older insulins later this year and immediately give more patients access to a cap on the costs they pay to fill prescriptions.