Australia Approves Eli Lilly’s (LLY) Kisunla Alzheimer’s Medication

Pharmaceutical regulators in Australia have approved Eli Lilly’s (LLY) Kisunla medication for the treatment of mild dementia due to Alzheimer’s disease in adults.

The Australian Therapeutic Goods Administration (TGA) has approved Kisunla, the first drug of its kind registered to treat early-stage Alzheimer’s disease within Australia. An estimated 600,000 Australians have Alzheimer’s disease, with about 450,000 of them in the early stages of the illness.

Alzheimer’s is also the third leading cause of death in Australia. Kisunla is administered via intravenous infusion every four weeks. Studies have shown that the medication slows the progression of Alzheimer’s disease in adults at the outset of the condition, which effects people’s memory and cognitive abilities.

Beyond Weight Loss Drugs

Although Eli Lilly is increasingly associated with its blockbuster Zepbound weight loss medication, the company has a number of other prescription drugs that are used to treat different diseases such as cancer, diabetes, and other ailments.

In the case of Kisunla, it works by removing amyloid plaques from the brain that are associated with Alzheimer’s disease. According to Eli Lilly, Kisunla is currently the only amyloid plaque-targeting therapy available in the marketplace. LLY stock has declined 7% this year.

Is LLY Stock a Buy?

The stock of Eli Lilly has a consensus Strong Buy recommendation among 19 Wall Street analysts. That rating is based on 17 Buy, one Hold, and one Sell recommendations issued in the last 12 months. The average LLY price target of $989.07 implies 38.53% upside from current levels.

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