Eli Lilly hits new all-time high buoyed by recent drug approvals; up 21% YTD

Jul. 06, 2022 11:00 AM ETEli Lilly and Company (LLY)By: Jonathan Block, SA News Editor7 Comments

Indianapolis - April 2016: Eli Lilly and Company VI

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  • 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.
  • In June, the Indianapolis-based pharma won a label expansion for Olumiant (baricitinib) to treat alopecia.
  • 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.
  • Lilly is also developing donanemab for Alzheimer's disease, though the drugmaker won't have phase 3 data available until mid-2023.
  • Seeking Alpha's Quant Rating views Lilly (LLY) as a hold giving the stock high marks for profitability and momentum, but poor ones for valuation, growth, and revisions.

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