Eli Lilly raises stock price target on Zepbound sales potential


Cantor Fitzgerald on Tuesday raised its price target on Eli Lilly and Company (NYSE: ) to $885.00 from $815.00 previously, while the firm maintained an overweight rating on the stock. The adjustment comes after Eli Lilly reported strong U.S. revenue figures for its drug Zepbound, with sales of $517 million, compared with FactSet's first-quarter 2024 sales forecast of $363 million.

Zepbound is performing well, with annualized sales exceeding $2 billion in its first full quarter since launch. The strong start suggests the drug has the potential to generate tens of billions of dollars in sales, suggesting that forecasts for Zepbound, which are already optimistic, could increase further.

The analyst noted that Eli Lilly's recent success with Zepbound may be just the beginning. The company expects to continue its growth trajectory, supported by other important drugs and new indications. The positive outlook for Zepbound sales performance and expected growth in other pipeline products bolsters the company's confidence in Eli Lilly's future financial performance.

Investors and market watchers are keeping a close eye on Eli Lilly and Co's stock as the pharmaceutical giant demonstrates its ability to beat expectations and grow with innovative therapies. The raised price target reflects what analysts believe is the potential of the company's current and upcoming products.

Investment Professional Insights

With Eli Lilly and Company (NYSE: LLY ) on the rise, InvestingPro data shows the company's financial health is strong. As of the first quarter of 2023, Eli Lilly's market value reached $703.41 billion, and its revenue grew by 19.56% in the past 12 months, making it stand out in the pharmaceutical industry. The company's gross profit margin during the same period was as high as 79.25%, highlighting its sales revenue efficiency.

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InvestingPro Tips highlights Eli Lilly's consistent financial practices, such as maintaining dividends for 54 consecutive years and raising dividends for nine consecutive years, demonstrating the company's commitment to shareholder returns.

In addition, the company's stock returned relatively high last year, with a total stock price return of 87.79%, reflecting investor confidence and market performance. These insights, and many more tips available on InvestingPro, indicate a strong financial position and the potential for continued growth.Interested readers can find additional InvestingPro tips from Eli Lilly and Company at https://www.investing.com/pro/LLY and can use the coupon code PRONEWS24 Annual or biennial Pro and Pro+ subscriptions receive an additional 10% discount.

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