Eli Lilly (NYSE:LLY) saw its share price drop about 4% Friday to $352.36 after a fake Twitter account claimed the company would make insulin available at no cost.
“We are excited to announce insulin is free now,” read the fake announcement from @EliLillyandCo, which received more than 1,500 retweets and 10,000 likes before Twitter removed the bogus announcement.
“We apologize to those who have been served a misleading message from a fake Lilly account. Our official Twitter account is @LillyPad,” the company announced on Twitter.
Today, LLY shares ticked up about 1% in mid-day trading to $355.53.
Twitter withdrew its paid subscription service that some users used to exploit the service by impersonating companies and celebrities.
The news has highlighted the cost of Lilly’s insulins. For instance, a vial of its Humalog insulin costs $274.70 without insurance.
Lilly has responded to the renewed attention on its pricing by describing its affordability programs. For example, as part of the Lilly Insulin Value Program, the company’s insulins cost consumers $35 monthly for eligible patients regardless of whether they have insurance.
On Twitter, Lilly highlighted a Tweet stating that the company has “a comprehensive suite of insulin affordability solutions available.”
In 2016, Lilly announced that it would offer substantial insulin discounts to uninsured U.S. patients for its Humalog, Humulin and Basaglar insulins.
Lilly was not the only company to encounter problems with impersonation. For instance, an account claiming to represent Lockheed Martin Corp claimed the company would halt weapons sales to several countries. A bogus Nintendo account also made an appearance. In addition, Fake accounts also appeared, posing as professional basketball player LeBron James and former President George W. Bush.
Since taking over Twitter, Elon Musk has fired many employees while announcing new product ideas.
Lilly recently announced third-quarter 2022 financial results, seeing its revenue increase 2%, or 7% on a constant currency basis, year over year.