Eli Lilly (LLY) - >>> In recent weeks, enthusiasm for Eli Lilly (NYSE:LLY) has waned. A top performer among pharma stocks during 2022, investors have shifted toward a more cautious stance with the stock lately.
Yet, as I put it recently, instead of following the crowd out of LLY stock, the best move is to ignore the worrywarts, and take advantage of this pullback. For one, investors have likely overreacted to the latest sales numbers for Mounjaro, arguably the company’s most promising new drug.
Between the fact that Eli Lilly is still ramping up production, and the strong chance this type 2 diabetes treatment also receives regulatory approval for use as an obesity treatment, Mounjaro still has a shot at becoming a “mega-blockbuster” drug, generating tens of billions in annual sales. Along with other growth catalysts, and there’s plenty that could shift sentiment back to bullish for this A-rated pharma stock.