Eli Lilly And Co LLY experienced a 1.37% increase in pre-market trading on Wednesday, as per Benzinga Pro. This uptick occurs as the company gears up to announce its third-quarter earnings. Wall Street analysts are forecasting earnings per share of $1.45 and revenues of $12.1 billion.
What Happened: Eli Lilly has established itself as a significant player in the weight loss drug market, with its products Mounjaro and Zepbound generating over $4 billion in the last quarter.
The stock has seen remarkable growth, surging 58.31% over the past year and 51.23% year-to-date, with shares nearing $900. This increase from around $250 two years ago has led to speculation about a potential stock split, which could make shares more accessible to a broader range of investors.
Why It Matters: Eli Lilly is on the verge of becoming the first trillion-dollar pharmaceutical company, driven by the success of its weight loss drugs. The company’s market cap was $796.4 billion, with an enterprise value of $821.9 billion as of early October. The stock has nearly doubled since May 2022, outperforming both the S&P 500 and NASDAQ following FDA approval for Mounjaro as a treatment for type 2 diabetes.
Additionally, Eli Lilly has intensified its legal efforts against compounders producing unauthorized copies of its weight loss drugs. The FDA recently declared the shortage of Eli Lilly’s tirzepatide injection resolved, reminding compounders of legal restrictions on replicating FDA-approved medications.
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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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