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Investing.com - JPMorgan has raised its price target on Eli Lilly (NYSE:LLY) to $1,150.00 from $1,050.00 while maintaining an Overweight rating on the pharmaceutical giant’s stock.
The updated outlook follows meetings between JPMorgan analysts and Eli Lilly’s management team last week, including the company’s CEO, CFO, and leaders from U.S. commercial, oncology, and neuroscience divisions.
JPMorgan views the recent agreement between Eli Lilly and the Trump Administration to expand government access to obesity medicines as a net positive for the company, with anticipated incremental sales volumes expected to more than offset potential price reductions.
The investment bank also cited ongoing U.S. market share gains for Eli Lilly’s incretin portfolio, which includes its weight loss and diabetes medications.
JPMorgan expects Eli Lilly to achieve significant growth in 2026 and beyond, driven by what it describes as a large and still underpenetrated international obesity treatment market, with the firm’s estimates remaining "well above consensus."
In other recent news, Eli Lilly reported strong third-quarter financial results with revenue reaching $17.6 billion, a 54% increase compared to the previous year, surpassing analyst expectations of $16 billion. The company’s adjusted earnings per share rose to $7.02, exceeding the anticipated $5.92. Despite these impressive figures, Freedom Capital Markets downgraded Eli Lilly from a Buy to a Hold, although it raised the price target to $950 from $750, citing valuation concerns. In regulatory news, Eli Lilly received marketing approval in India for donanemab, a drug for early-stage Alzheimer’s patients. The approval by India’s Central Drugs Standard Control Organization marks a significant development for the company. Additionally, Eli Lilly decided to drop CVS Health as its employee drug benefit provider after CVS chose not to cover Lilly’s weight-loss medication. In related news, MeiraGTx saw its stock price target raised to $16 from $12 by RBC Capital, following a collaboration with Eli Lilly that includes a $75 million upfront payment. Lastly, Eli Lilly and Novo Nordisk denied partnership claims made by Mangoceuticals regarding weight-loss drugs, leading to a sharp decline in Mangoceuticals’ stock.
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