Pharmaceutical company Eli Lilly (NYSE:LLY) gained in pre-market trading after reporting better-than-expected Q4 results. The company reported adjusted earnings of $2.49 per share in the fourth quarter, up by 19% year-over-year and above Street estimates of $2.30 per share.
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Eli Lilly’s revenues soared 28% year-over-year to $9.35 billion, beating consensus estimates of $8.95 billion. The firm’s sales were driven by higher realized prices for its obesity drug Mounjaro. Moreover, the U.S. Food and Drug Administration (FDA) recently approved Zepbound (tirzepatide) for the treatment of obese or overweight adults.
In FY24, Eli Lilly estimates revenues to be in the range of $40.4 billion to $41.6 billion. On an adjusted basis, LLY expects earnings to be between $12.20 and $12.70 per share.
Is Eli Lilly a Buy, Sell, or Hold?
Analysts remain bullish about LLY stock with a Strong Buy consensus rating based on 17 Buys and two Holds. LLY stock has jumped by more than 100% over the past year, and the average LLY price target of $667.65 implies a downside potential of 5.5% at current levels.
