What's Going On With Eli Lilly And Company Shares Wednesday?
Portfolio Pulse from Dylan Berman
Eli Lilly and Company (NYSE: LLY) shares are trading lower ahead of its anticipated 2024 fiscal year earnings release. Analysts estimate an EPS of $2.70 and sales of $9.94 billion. Despite missing revenue estimates last quarter, Eli Lilly has consistently beaten EPS estimates in recent reports. The company's weight-loss drug Zepbound has captured significant market share since its December launch. Analysts have recently adjusted their price targets for Eli Lilly, with Cantor Fitzgerald maintaining an $885 target and Guggenheim raising its target to $884.
August 07, 2024 | 4:22 pm
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NEGATIVE IMPACT
Novo Nordisk's weight-loss drug Wegovy is facing competition from Eli Lilly's Zepbound, which has captured about 40% of the market since its December launch.
Eli Lilly's Zepbound gaining market share could negatively impact Novo Nordisk's Wegovy sales. This competitive pressure may affect Novo Nordisk's stock in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Eli Lilly shares are trading lower ahead of its 2024 fiscal year earnings release. Analysts expect an EPS of $2.70 and sales of $9.94 billion. The company has a strong track record of beating EPS estimates, and its weight-loss drug Zepbound is performing well in the market. Recent analyst price targets are $885 and $884.
The stock is trading lower ahead of the earnings release, which is a common market reaction. The consistent EPS beats and strong performance of Zepbound provide a positive outlook, but the immediate impact is neutral as the market awaits the earnings report.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100