Eli Lilly suspends majority of activities in Russia

Eli Lilly (LLY.US) announced today it will suspend all investments, promotional activities and export of non-essential medicines to Russia. Also the company does not plan to start new clinical studies in the country. Drugmaker will still provide medication for patients who suffer from cancer and diabetes, however will donate all profits from ongoing Russian operations for humanitarian purposes. Other drugmakers and medical device makers took similar approaches pointing to international humanitarian law under which they are responsible to continue supplying medicines to the country.

Eli Lilly (LLY.US) stock price suffered a downward correction at the beginning of the year, however buyers managed to halt declines around support at $232.00, which is marked with a lower limit of the 1:1 structure. Next buyers took the initiative and price broke above the local resistance at $247.20 which coincides with 50 SMA (green line), 200 SMA (red line) and 23.6% Fibonacci retracement of the upward wave launched in October 2020. If current sentiment prevails, upward move may accelerate towards all-time high around $285.00. Source: xStation5