Eli Lilly Raises Price Target Amid Strong Third Quarter Earnings and Obesity Drug Growth
Eli Lilly (LLY) shares reached a new record high following a third-quarter earnings report that significantly beat analyst expectations. Revenue surged 39% year-over-year to $24.4 billion, driven largely by the massive success of its GLP-1 drugs, Mounjaro and Zepbound. Adjusted earnings per share rose to $7.48, surpassing the consensus estimate of $6.26. The company's obesity and diabetes franchise continues to show immense momentum, with Mounjaro revenue increasing 65% year-over-year to $10.7 billion. Despite some international price pressures due to reimbursement changes in China, volume growth remains strong. The analyst has raised the price target for LLY from $1,300 to $1,500, citing the sustained potential of the GLP-1 market.
Topics: earnings beat GLP-1 obesity drugs revenue growth stock price rally
Part of the story Merck and Eli Lilly Prepare for Third-Quarter Earnings Reports (6 articles)