On Friday, Eli Lilly became the first pharmaceutical company to surpass the $1 trillion mark with its market value.
Since the end of October, the share price has basically only known one direction: upwards. It rose by almost 30 percent during this period. Last week the shares broke the $1,000 threshold for the first time and subsequently continued to climb. Ultimately, they gained 1.57 percent to $1,059.70 on the NYSE on Friday. This brought the company’s market value to over a trillion dollars.
The US pharmaceutical company Eli Lilly continues to benefit from a strong run of its diabetes drugs and weight loss drugs Mounjaro and Zepbound. In the third quarter, Lilly increased sales by more than half year-on-year to $17.6 billion. The Americans were able to exceed analysts’ expectations. CEO David Ricks therefore once again raised his targets for the year as a whole to present the figures.
In view of this development, large US banks increased their price targets. JPMorgan now sees upside potential up to $1,150, Citigroup even up to $1,500. Eli Lilly shares are therefore on the purchase lists of both companies.
The Indianapolis group is expanding and increasing its capacities in Europe. Lilly is planning to build a new factory in the Netherlands. 3 billion US dollars (around 2.6 billion euros) are estimated for this. Oral medications are to be produced in the coastal town of Katwijk in the future.
Analyst Chris Schott from JPMorgan was very impressed after a recent meeting with top managers at Eli Lilly. The meeting confirmed his positive attitude towards the share. The company continues to gain market share in its home market. Other sales markets are far from being penetrated with regard to weight loss products and therefore offer great growth potential.
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NEW YORK (dpa-AFX)
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