LLY - 1 No-Brainer Growth Stock to Buy and Hold
2024-05-11 08:45:00 ET
Excellent, magnificent, fantastic! All of these superlatives (and more) describe Eli Lilly 's (NYSE: LLY) performance in recent years as it has delivered market-crushing returns and strong regulatory progress. Though the stock might peak eventually, we aren't there yet, as the pharmaceutical giant proved with its latest quarterly update. There remains substantial upside for Eli Lilly, and given its prospects, it's hard to pass up on the drugmaker.
Eli Lilly is still riding the wave of brand-new approvals. Diabetes treatment Mounjaro earned the green light about two years ago; Zepbound, an obesity medicine, was launched late last year as were cancer therapy Jaypirca and Omvoh, a treatment for ulcerative colitis. The drugmaker also has older products that are still driving top-line growth. Those include immunosuppressant Taltz and cancer drug Verzenio.
With a lineup that deep -- and the adverse effects of coronavirus-related sales gone -- it's no surprise that Eli Lilly is delivering strong financial results. In the first quarter, the company's revenue increased by 26% year over year to $8.8 billion. Eli Lilly's adjusted earnings per share of $2.58 was 59% higher than the year-ago period.
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1 No-Brainer Growth Stock to Buy and Hold