On Wednesday, Eli Lilly (NYSE:LLY) received an increased price target from an analyst at Jefferies, now set at $814.00, up from the previous target of $768.00. The firm has maintained a Buy rating on the pharmaceutical company's stock.
The adjustment follows Eli Lilly's recent quarterly report, which showcased impressive performance, particularly with its products Mounjaro and Zepbound. Mounjaro sales reached approximately $2.206B, surpassing expectations by about 24%, while Zepbound achieved roughly $176M in sales, beating estimates by approximately 36%.
Eli Lilly's guidance for 2024 was also a highlight, with the company projecting total revenue to be about 4% higher at the midpoint compared to consensus estimates. The non-GAAP EPS forecast was reported to be in line with expectations.
Further positive notes were made during the post-earnings conference call and press release. The SYNERGY-NASH study indicated a 52% to 74% resolution in NASH, with fibrosis showing clinically meaningful results, although full data is yet to be published. Additionally, remarks regarding event rates from the SURPASS-CVOT study, expected in 2024, were optimistic. Eli Lilly also expressed confidence in its drug-drug interactions (DDIs), including those with SGLT2 inhibitors.
InvestingPro Insights
Eli Lilly (NYSE:LLY) has been the focus of investors following its recent quarterly report. With the firm's products Mounjaro and Zepbound outperforming sales expectations, analysts at Jefferies have increased the price target for the company's stock, reflecting a positive outlook. Here are some key metrics and insights from InvestingPro that could further inform investors about Eli Lilly's current market position:
The company boasts a substantial market capitalization of $634.04 billion, underscoring its significant presence in the pharmaceutical industry. This is complemented by a robust revenue growth of 9.69% over the last twelve months as of Q3 2023, indicating a healthy expansion of its business operations. Furthermore, Eli Lilly has demonstrated a strong gross profit margin of 78.67% in the same period, which suggests efficient cost management and a competitive edge in its market segment.
InvestingPro Tips highlight that Eli Lilly has raised its dividend for 9 consecutive years, showcasing a commitment to returning value to shareholders. Additionally, the company has maintained dividend payments for an impressive 54 consecutive years, which may appeal to investors seeking stable income. With these factors in mind, and considering the company's recent performance, investors might find Eli Lilly an attractive option for their portfolios.
For those looking to delve deeper into the financials and forecasts for Eli Lilly, there are additional tips available on InvestingPro. Interested readers can use the coupon code "SFY24" to get an additional 10% off a 2-year InvestingPro+ subscription, or "SFY241" to get an additional 10% off a 1-year InvestingPro+ subscription, which includes access to an extensive range of tips and metrics to aid in investment decisions.
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