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Highlights
Eli Lilly and Company (LLY) is set to announce its fiscal third-quarter earnings on October 30, with analysts projecting a significant increase in profit per share compared to the previous year.
The company has consistently surpassed earnings estimates in its last four quarterly reports, reflecting strong performance and demand for its key drugs.
With a market cap of $872.4 billion, Eli Lilly's stock has outperformed both the S&P 500 and the Health Care Select Sector SPDR Fund over the past year.
Eli Lilly and Company, (NYSE:LLY) headquartered in Indianapolis, Indiana, is a prominent pharmaceutical firm recognized for its products such as Trulicity, Verzenio, and Taltz. The company specializes in discovering, developing, and marketing human pharmaceuticals, with a diverse portfolio that spans neuroscience, endocrine, anti-infectives, cardiovascular agents, oncology, and animal health products. As of now, Eli Lilly boasts a market capitalization of approximately $872.4 billion.
The company is poised to report its fiscal third-quarter earnings for 2024 before the market opens on October 30. Analysts anticipate a profit of $1.98 per share on a diluted basis, a substantial increase from $0.10 per share reported in the same quarter last year. Eli Lilly has consistently exceeded Wall Street’s earnings per share (EPS) estimates in its previous four quarterly reports, highlighting its robust operational performance.
For the fiscal year, analysts project an EPS of $14.13 for Eli Lilly, marking a 123.6% increase compared to the prior year. Looking ahead to fiscal 2025, the EPS is anticipated to rise further, reaching $24.16, reflecting a year-over-year growth rate of 71%.
In the past 52 weeks, LLY stock has experienced a remarkable 51.2% increase, outperforming the S&P 500’s gains of 35.9% and the Health Care Select Sector SPDR Fund’s rise of 17.9%. This growth is driven by high demand for key medications such as Mounjaro and Zepbound, which have collectively generated over $4 billion in sales. Recent FDA approvals for new drugs, including Omvoh, Jaypirca, donanemab, and Ebglyss, further bolster the company’s prospects.
In the second quarter, Eli Lilly reported strong results, with an adjusted EPS of $3.92 that exceeded expectations and revenue of $11.3 billion, surpassing forecasts. The company has raised its full-year guidance, forecasting adjusted EPS between $16.10 and $16.60, with revenues projected between $45.4 billion and $46.6 billion.
Overall, analysts maintain a bullish outlook on Eli Lilly stock, with 21 out of 24 analysts recommending a “Strong Buy” rating. The average analyst price target stands at $1,021.79, indicating a potential upside from current levels, reflecting strong confidence in the company’s future performance and growth potential.
