Eli Lilly’s (LLY) new weight-loss pill Foundayo is off to a strong start.
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Data from IQVIA (IQV) shows that Eli Lilly’s newly launched obesity pill was prescribed 1,390 times in the U.S. during the week ended April 10. While strong, that is less than half the 3,071 prescriptions issued for rival Novo Nordisk’s (NVO) Wegovy weight-loss pill during its first week on the market in January.
However, Eli Lilly is just getting started with its rollout of the Foundayo weight-loss pill. The oral medication received approval from the U.S. Food and Drug Administration (FDA) on April 1, which was two weeks sooner than expected. Eli Lilly is now engaged in a global marketing and sales push for the drug.
Rivalry with Novo Nordisk
Eli Lilly and Novo Nordisk remain locked in a heated rivalry over their weight-loss medications. While Novo Nordisk got its obesity pill to market first, indications are that Eli Lilly retains an overall lead in the global weight-loss drug industry.
Both companies’ weight-loss drugs have proven to be bestsellers and have demonstrated other health benefits for ailments ranging from heart disease to alcoholism. But there are concerns that the medications lead to a loss of motivation and muscle tissue in people.
Is LLY Stock a Buy?
The stock of Eli Lilly has a consensus Strong Buy rating among 19 Wall Street analysts. That rating is based on 16 Buy, two Hold, and one Sell recommendations issued in the last three months. The average LLY price target of $1,247.38 implies 31.53% upside from current levels.
