Eli Lilly's (LLY) New Tirzepatide Results Suggest A Very Differentiated Product - Wolfe Research
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Wolfe Research analyst Tim Anderson reiterated an Outperform rating and $235.00 price target on Eli Lilly (NYSE: LLY) after the company updated top line data on diabetes pipeline drug, tirzepatide, from the phase 3 SURPASS-3 and -5 trials. These data confirm the profile shown previously in phase 2 studies and in the phase 3 SURPASS-1 trial.
The analyst stated "We upgraded LLY from Peer Perform to Outperform on December 10th, on the back of tirzepatide de-risking following the first ph3 read out from SURPASS-1. LLY had been a name we were leaning constructive on but were apprehensive to step in front of tirzepatide from a risk:reward standpoint, in case there were any unexpected hiccups with the data. As additional trials read out, that risk is increasingly behind us. The drug is likely to launch in 2022 and offers franchise durability after Trulicity goes off-patent at the start of 2028."
Shares of Eli Lilly closed at $206.46 yesterday.
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