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Investing.com - Guggenheim raised its price target on Eli Lilly (NYSE:LLY) to $948.00 from $875.00 on Wednesday, while maintaining a Buy rating on the pharmaceutical giant ahead of its third-quarter earnings report. The stock, currently trading at $843.63, has shown strong momentum with a 16.66% return over the past six months. According to InvestingPro, analyst targets for LLY range from $650 to $1,190, reflecting diverse market expectations.
The investment firm now forecasts third-quarter Mounjaro sales of $5.49 billion, slightly above the consensus estimate of $5.43 billion, with U.S. sales projected at $3.50 billion compared to consensus expectations of $3.46 billion.
For Zepbound, Guggenheim estimates third-quarter U.S. sales of $3.35 billion, marginally below the consensus of $3.42 billion, while projecting overall quarterly sales of $16.06 billion and earnings per share of $6.32, compared to consensus estimates of $16.05 billion and $6.35, respectively.
Guggenheim noted potential quarterly variables including pricing fluctuations, international growth patterns, and possible one-time rebates or inventory stocking effects that could influence results.
The firm indicated that investor focus has expanded beyond tirzepatide performance to include prescription trends, orforglipron filing plans, retatrutide clinical studies, Kisunla’s Alzheimer’s trial results, and potential impacts from upcoming IRA pricing announcements for semaglutide.
In other recent news, Eli Lilly and Company announced that its ulcerative colitis treatment, Omvoh, demonstrated sustained efficacy over four years, according to final results from the LUCENT-3 Phase 3 study. The data revealed that approximately 80% of patients maintained long-term, corticosteroid-free clinical remission, while 93% experienced significant improvement in bowel urgency. Additionally, Eli Lilly opened a new biotech innovation hub in San Diego, expanding its network of innovation hubs to support early-stage biotechnology companies. The facility can accommodate up to 15 life sciences companies and more than 250 employees. Analyst firm TD Cowen reiterated its Buy rating on Eli Lilly stock, maintaining a price target of $960, citing excellent growth prospects and a track record of consistent innovation. Guggenheim also reiterated a Buy rating, maintaining a price target of $875, noting strong growth expectations for 2025 and sustainable gross margins. These developments highlight Eli Lilly’s ongoing efforts in innovation and market presence.
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