Lilly’s Zepbound slashed heart failure risks in study

Eli Lilly & Co.’s blockbuster Zepbound improved the long-term health of patients with obesity-related heart failure in a study, illuminating the cardiovascular benefits of the weight-loss shot.

The risk of death, hospitalization and other bad outcomes was 38% lower in patients given Zepbound compared with those who received a placebo, Lilly said Thursday. The drug also significantly reduced heart failure symptoms, including shortness of breath, fatigue and an irregular heartbeat.

The company’s shares have risen 38% since the start of the year through Wednesday’s close.

The two-year trial involving more than 700 patients is part of Lilly’s broader effort to prove that Zepbound, already in high demand for its effects on body weight, can do more than just shrink waistlines. Growing evidence that it improves key components of health may also help the company get insurers to pay for it.

The company plans to submit results to regulators in the U.S. and abroad later this year, seeking to expand Zepbound’s label. Lilly has other trials in cardiovascular disease that are still ongoing and results aren’t expected for at least another year.

In the meantime, the company is focused on getting Zepbound approved for patients with sleep apnea. It’s also studying other conditions like a common liver disease called metabolic dysfunction-associated steatohepatitis, or MASH.

Mortgage rate falls to 6.73%, lowest since February

The average rate on a 30-year mortgage fell this week to its lowest level since early February, easing borrowing costs for prospective homebuyers facing record-high home prices.

The rate fell to 6.73% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.9%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, pulling the average rate down to 5.99% from 6.07% last week. A year ago, it averaged 6.25%, Freddie Mac said.

After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year — more than double what it was just three years ago.

CrowdStrike sued by investors after global outage

Investors are suing CrowdStrike after the company’s software update caused nationwide technology outages two weeks ago. The suit accuses CrowdStrike of lying to investors by claiming its technology had been “validated, tested, and certified.”

CrowdStrike’s stock price tumbled after the July 19 outage disrupted various services across the nation, from flights to court dates to hospital appointments.

The company eventually blamed the outage on a bug in its latest update, which it pushed to millions of customers. Approximately 8.5 million computers crashed due to the bad data from CrowdStrike.

Back in March, CrowdStrike CEO and founder George Kurtz assured investors in a conference call that the company’s software had been rigorously tested, according to the lawsuit. The plaintiffs accuse CrowdStrike and Kurtz of lying to mislead investors and pump up the stock price.

“We believe this case lacks merit and we will vigorously defend the company,” a CrowdStrike spokesperson told the BBC.

Compiled from Bloomberg, Associated Press and New York Daily News reports.