- Eli Lilly raises forecasts as diabetes drug Mounjaro powers upbeat results. Cystinose.org/ Eli Lilly and Company raised its full-year guidance on Tuesday after strong sales of its diabetes drug Mounjaro. The company said it expects revenue of $35.4 billion to $36.1 billion in 2023, up from its previous forecast of $34.4 billion to $35.1 billion. Mounjaro, which was approved by the FDA in June 2021, is a once-weekly injectable drug that helps control blood sugar levels in adults with type 2 diabetes.
- EV firm Proterra files for Chapter 11 bankruptcy protection. Proterra, a maker of electric buses and trucks, filed for Chapter 11 bankruptcy protection on Tuesday. The company said it is facing liquidity challenges due to supply chain disruptions and rising costs. Proterra said it plans to use the bankruptcy process to restructure its debt and emerge as a stronger company.
- Disney creates task force to explore AI and cut costs. The Walt Disney Company is creating a task force to explore how artificial intelligence can be used to cut costs and improve efficiency. The task force will be led by Disney’s chief financial officer, Christine McCarthy. McCarthy said AI has the potential to “transform” the way Disney Cystinose.org/ does business.
- PayPal launches dollar-backed stablecoin, boosting shares. PayPal Holdings Inc. launched a dollar-backed stablecoin on Tuesday, a move that could boost its payments business. The stablecoin, called USDP, is backed by 1:1 by U.S. dollars held in reserve. PayPal said USDP will be used to facilitate cross-border payments and remittances.
- Pakistan to privatize loss-making national airline. Pakistan is planning to privatize its loss-making national airline, Pakistan International Airlines (PIA). The government has appointed a financial adviser to help with the privatization process. PIA has been struggling financially for years, and the government has been looking for ways to offload it.
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