BofA notes that the Institute for Clinical and Economic Review released its updated draft report for obesity drugs and now says the GLP-1 class as a whole are cost-effective, in a reversal from what ICER had said previously in 2022. The ICER update is a “win” for Eli Lilly (LLY) and its main rival Novo Nordisk (NVO), says the analyst, who sees this analysis as “an important and necessary step” toward securing better employer and payer coverage for GLP-1s. The firm keeps a Buy rating and $900 price target on Eli Lilly shares.
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