LLY - Eli Lilly Continues To Climb As Alzheimer's Drug Gains FDA Approval
2024-06-11 14:24:55 ET
Summary
- Eli Lilly and Company has gained approval on yet another prospective blockbuster drug, Donanemab, the second FDA-approved Alzheimer's treatment on the market.
- It is too soon to know what kind of impact Lilly’s Donanemab will have on future earnings, but I predict it will be fairly positive.
- Eli Lilly has proven its commitment to product depth and innovation, one of the many reasons it's the largest holding at my firm.
StockCharts.com
Last week I wrote an update on the largest overall holding at my firm, Eli Lilly and Company (LLY), in an article titled, " Is It Possible Eli Lilly Is Breaking Out To New All-Time Highs? " Following strong earnings, approval of its blockbuster diabetes drug Mounjaro for weight loss, and a growing demand for weight loss drug solutions, I raised my 5-year target price to $1,455. This update was based on a very conservative projected growth rate of 19% per year and a multiple that I feel Lilly deserves....
Eli Lilly Continues To Climb As Alzheimer's Drug Gains FDA Approval