CA - Eli Lilly Shoots Higher: It's Time To Be Cautious
2024-05-01 14:41:05 ET
Summary
- Eli Lilly and Company's revenue for the first quarter of 2024 fell short of analysts' expectations, but the company exceeded forecasts on the bottom line.
- Sales of the company's obesity and diabetes drugs, particularly Mounjaro and Zepbound, saw significant growth.
- Management increased guidance for 2024, expecting further growth in revenue and earnings per share, but the stock is considered expensive.
Fundamentally speaking, things just appear to keep getting better for pharmaceutical giant Eli Lilly and Company ( LLY ). You see, back in June 2023, I ended up writing a bullish article about the firm. I cited what I referred to as its "miracle" weight loss drugs, most notably Mounjaro, as a reason for investors to be optimistic about the future. Ultimately, I ended up rating the company a "Buy." And from that time through the present day, shares are up 68% compared to the 14.1% increase seen by the S&P 500 (SP500)....
Eli Lilly Shoots Higher: It's Time To Be Cautious