Shares of Eli Lilly And Co
The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.
Cantor Fitzgerald On Eli Lilly
Analyst Louise Chen maintained an Overweight rating, while raising the price target from $550 to $630.
Eli Lilly reported both sales and earnings ahead of expectations for the second quarter, Chen said in a note. "Furthermore, we believe LLY is entering a period of earnings estimate growth through 2030, bolstered by multiple product pipeline readouts, as well as launches of its first-in-class/ best-in-class compounds (donanemab, Mounjaro, and others)," he added.
Positive data from Novo Nordisk's
BMO Capital Markets On Eli Lilly
Analyst Evan David Seigerman reiterated an Outperform rating, while lifting the price target from $565 to $633.
"Mounjaro outperformance paired with Novo SELECT data bolster our outlook for uptake in T2D (and obesity pending 2H23 decision)," Seigerman wrote in a note. "Novo SELECT trial readout and continued demand for Mounjaro set the stage for greater outperformance of Lilly's incretin franchise beyond 2023," he added.
"Beyond Mounjaro, Lilly's Alzheimer's franchise remains a key pillar to future growth," the analyst further stated.
Morgan Stanley On Eli Lilly
Analyst Terence Flynn reaffirmed an Overweight rating, while raising the price target from $560 to $617.
Eli Lilly's Mounjaro sales in the second quarter were ahead of expectations and the company announced that "its new RTP fill/finish facility is now on line, which de-risks 2H23+ supply dynamics, but this will ramp gradually through 2H23 per LLY," Flynn said.
Novo Nordisk's positive top-line phase III data from the Wegovy SELECT obesity outcomes trial "was statistically significant and "LLY sees the SELECT readout turning the conversation towards the broad health benefits associated with treating obesity," he added.
LLY Price Action: Shares of Eli Lilly were up 0.62% to $524.86 at the time of publication Wednesday.
