April 8 - Eli Lilly (LLY, Financial) shares rose about 5% Tuesday morning after Goldman Sachs (GS, Financial) upgraded the pharmaceutical giant to Buy from Neutral, citing confidence in its leadership in the fast-expanding obesity treatment market.
The firm slightly lowered its price target to $888 from $892 but said the shift reflects a more refined valuation model rather than concern. Analysts pointed to Eli Lilly's strong positioning in the anti-obesity medication space, supported by early entry, scale in production, and a broad cardiometabolic pipeline.
Goldman expects Lilly's obesity drug sales between 2026 and 2028 to outpace consensus estimates by roughly 9% to 10%, driven by its late-stage assets and a strategy aimed at replicating its weight-loss success across other therapeutic areas.
A key part of that strategy is orforglipron, a once-daily oral drug for obesity and diabetes now undergoing multiple Phase 3 trials worldwide. Goldman forecasts peak sales of $23.5 billion by 2035, well above the Street's projection of $16.8 billion, with initial data due in Q2 2025 and a global launch expected in 2026.
Eli Lilly posted 32% revenue growth over the past year and carries a gross margin of 81% and return on equity of 85%, reinforcing investor optimism.
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