The firm's statement emphasizes the significance of these events, stating, "It's going to be a race to December 31, with some major catalysts on the very-near-term horizon," suggesting that the end of the year could bring pivotal changes and opportunities within the BioPharma sector.
Based on current InvestingPro Fair Value calculations, Eli Lilly (NYSE:LLY) appears to be trading above its Fair Value, with analysts maintaining a strong buy consensus and setting price targets ranging from $580 to $1,250. Based on current InvestingPro Fair Value calculations, Eli Lilly appears to be trading above its Fair Value, with analysts maintaining a strong buy consensus and setting price targets ranging from $580 to $1,250.
The first event to watch is the Phase 3 obesity data from Novo Nordisk (NYSE:NVO)'s CagriSema expected soon. In addition, the European Commission is set to make a decision by December 6, 2024, on Novo Holdings' acquisition of Catalent (NYSE:CTLT) and Novo Nordisk's purchase of three fill/finish facilities. These moves could significantly impact the companies involved and the broader pharmaceutical manufacturing landscape.
The firm's statement emphasizes the significance of these events, stating, "It's going to be a race to December 31, with some major catalysts on the very-near-term horizon," suggesting that the end of the year could bring pivotal changes and opportunities within the BioPharma sector.
Based on current InvestingPro Fair Value calculations, Eli Lilly appears to be trading above its Fair Value, with analysts maintaining a strong buy consensus and setting price targets ranging from $580 to $1,250.
Furthermore, on December 9, 2024, at the American Society of Hematology (ASH) meeting, Arcellx and Gilead Sciences (NASDAQ:GILD) are expected to present Phase 2 data on Anito-Cel for relapsed/refractory multiple myeloma, a serious blood cancer. This data could have significant implications for patients and the companies' stock performance.
As an extra point of interest, BMO Capital Markets also highlighted the potential for Amgen (NASDAQ:AMGN)'s MariTide to be featured at the World Congress on Insulin Resistance, Diabetes & Cardiovascular Disease, although this has not been confirmed by Amgen. Moreover, Vertex (NASDAQ:VRTX) has two key Prescription Drug User Fee Act (PDUFA) dates in January 2025 for Vanzacaftor triple (January 2, 2025) and suzetrigine for acute pain (January 30, 2025), which could lead to approvals and market entry early next year.
The firm's statement emphasizes the significance of these events, stating, "It's going to be a race to December 31, with some major catalysts on the very-near-term horizon," suggesting that the end of the year could bring pivotal changes and opportunities within the BioPharma sector.
In other recent news, Eli Lilly has seen robust growth in its third-quarter earnings, with a significant 42% increase in revenue, driven largely by sales of its diabetes and cancer drugs, Mounjaro and Zepbound, which exceeded $3 billion.
The company's earnings per share also rose to $1.18 from $0.10 in the same quarter the previous year. Eli Lilly has revised its 2024 revenue guidance upwards to between $45.4 billion and $46 billion, reflecting an anticipated 50% growth in the fourth quarter. However, Erste Group has downgraded Eli Lilly's stock rating from Buy to Hold due to concerns about the company's inventory and receivables ratios in relation to its sales.
Meanwhile, Truist Securities has slightly reduced its stock price target for Eli Lilly from $1,033 to $1,029, while maintaining a Buy rating, citing sustained demand for treatments for type 2 diabetes and obesity as key growth drivers. In addition, Eli Lilly has achieved new U.S. approvals for Ebglyss and Kisunla, as well as positive study data for tirzepatide and donanemab, which are among the company's recent key pipeline achievements.
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