Guggenheim raised its price target on Eli Lilly & Co. (NYSE: LLY) to $948.00 from $875.00 while maintaining a Buy rating.
The firm updated its forecasts ahead of third-quarter results after reviewing investor relations commentary and recent U.S. and international prescription trends. Guggenheim now expected Mounjaro sales to reach $5.49 billion for the quarter, slightly above consensus estimates of $5.43 billion, including $3.50 billion from the U.S. market.
For Zepbound, the firm projected U.S. sales of $3.35 billion versus Street expectations of $3.42 billion. Overall, third-quarter sales were forecast at $16.06 billion, with earnings per share of $6.32, broadly in line with consensus of $6.35.
Analysts noted potential variability in quarterly results due to pricing dynamics, international launches, and rebate adjustments but maintained confidence in Eli Lilly’s long-term growth trajectory. Guggenheim also pointed to ongoing developments in orforglipron filings, retatrutide trials, and Alzheimer’s drug Kisunla’s upcoming readout as key catalysts.
