David Ricks, CEO of Eli Lilly and Co LLY, expressed confidence in meeting the lofty revenue expectations set by Bank of America for the company’s upcoming drug launches.
What Happened: During an interview on CNBC’s Last Call on Monday, Ricks described the potential market for these drugs after Bank of America analysts projected $60 billion in revenue from these drugs by 2030 in March.
"I think it's possible," he said.
"It is in some ways kind of the mega market for health.”
Ricks highlighted that the company is trying to prove the efficacy of its drugs for not only weight loss but also obesity-driven diseases such as heart risks, diabetes, and sleep apnea.
“We are showing now it’s not just a weight loss story; it’s a health story and as that expands, the consumption will continue to grow,” he added.
See Also: Chinese Scientists Achieve World’s First Diabetes Cure Using Cell Therapy: Report
Why It Matters: The confidence of Eli Lilly’s CEO is underpinned by the company’s recent strategic moves, including its largest manufacturing investment to date, a massive $5.3 billion in Indiana to enhace its production of Mounjaro and Zepbound.
Moreover, analysts have been bullish on Eli Lilly, with some predicting the company is on its way to reaching a $1 trillion market cap. They consider Eli Lilly a “have” in a market filled with “have nots,” suggesting a strong competitive position.
Price Action: Eli Lilly closed 0.13% lower at $807.43 on Friday, according to Benzinga Pro.
Read Next: Web 3.0 Could Revolutionize The Future Of Healthcare – Here’s How
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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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