Foundayo approval puts Lilly on equal footing with Novo, says Morgan Stanley

Morgan Stanley reiterated an Overweight rating and $1,313 price target on Eli Lilly (LLY) after the company announced FDA approval of Foundayo, a once daily oral GLP-1 for chronic weight management in adults with obesity or overweight plus at least one weight related comorbidity. The approval was in line with expectations and puts Eli Lilly back on more equal footing with Novo Nordisk (NVO), which launched oral Wegovy earlier this year, though Foundayo does not require food or water restrictions, the analyst tells investors in a research note. The firm added that the label is clean and in line with expectations.