Analysts at Goldman Sachs lifted their forecast for Eli Lilly & Co.'s (NYSE:LLY) total worldwide sales of next-generation, primarily GLP-1 receptor agonist anti-obesity medications to $130 billion in 2030 in a note Thursday.
This is up from the investment bank's prior forecast of $100 billion.
The updated forecast has prompted analysts to lift their price target for the stock to $785 per share from $740, with the firm maintaining a Neutral rating on the company's shares.
The update reflects Goldman Sachs' assessment of the impact of certain events that have occurred since its last published estimate, October 2023, across several key domains.
"For LLY, we now forecast revenues for the company's AOM portfolio (including the currently commercialized tirzepatide products Monjouro and Zepbound) in 2024/2027/2030 at $5.3bn, $27.6bn and $56.6bn, representing an increase from $4.7bn, $28.2bn and $49.7bn prior," added the bank.