Big Pharma Abandons Gene Therapy: 100 Trillion Won Vanishes in a Day

On Feb. 4 in New York trading, Eli Lilly and Company (LLY) saw its shares plunge 7.8%, closing at $1,017.05 per share—roughly ₩1.49 million. The one-day sell-off erased about $69.5 billion (over ₩100 trillion) of its market value, yet the company remains a mega-cap pharmaceutical heavyweight with a total market capitalization near $961.5 billion (around ₩1,400 trillion).

The sharp decline followed the company’s announcement that it would discontinue development of three clinical assets—including LY3884963, a gene therapy for frontotemporal dementia—citing insufficient efficacy.

Eli Lilly has been one of the principal beneficiaries of the obesity and diabetes treatment boom: explosive sales of Mounjaro and Zepbound have driven revenue and profit surges that vaulted it into the $1 trillion market-cap club. At the same time, the company has aggressively expanded its pipeline into Alzheimer’s disease, oncology and rare disorders, so even a single clinical setback amid ongoing valuation debates can significantly amplify stock volatility.