Eli Lilly (NYSE:LLY), already one of the best performing large pharma stocks year to date, hit an all-time high of $332.74 on Wednesday morning.
YTD, the stock is up 21%.
In what may end up being one of the most significant approvals for the company in years, the U.S. FDA in May approved Lilly's (LLY) Mounjaro (tirzepatide), a diabetes med with a new mechanism of action. However, off-label use of the drug as a weight-loss treatment and a potential indication for that area could swell Mounjaro revenue.
The monoclonal antibody bebtelovimab for COVID-19 is also helping the company and could do so even more in the fall when the number of cases of the disease is expected to rise. Lilly has said bebtelovimab is effective against Omicron subvariants, currently the dominant COVID strains in the U.S.