Eli Lilly (LLY) is reporting that its blockbuster drug Verzenio reduced the risk of death by nearly 16% over two years for some breast cancer patients when taken in combination with an endocrine therapy.
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Dr. Stephen Johnston, a lead investigator in the study, called the results “an important step forward” in treating breast cancer. Verzenio is the first medicine in over two decades to demonstrate an improvement in overall survival among breast cancer patients, according to Eli Lilly.
The latest trial results could help bolster the use of Verzenio among patients with certain forms of breast cancer. The prescription drug Verzenio works by blocking certain enzymes in the human body. These enzymes are involved in cell division, a key process for how cancer grows and spreads.
Big Opportunity
Verzenio is already one of Eli Lilly’s top-selling medications. Last year, the drug generated $5.31 billion in worldwide sales, making it the company’s second-biggest seller behind only diabetes treatment Mounjaro.
Analysts say there’s plenty of room for Verzenio’s sales to continue to grow in coming years, especially if its use is expanded. Eli Lilly’s latest study focused on overall survival rates of breast cancer patients. This determines how long patients live before dying of any cause. Patients who received Verzenio and the endocrine therapy combination for two years were 15.8% less likely to die.
Is LLY Stock a Buy?
The stock of Eli Lilly has a consensus Strong Buy rating among 22 Wall Street analysts. That rating is based on 18 Buy and four Hold recommendations issued in the last three months. The average LLY price target of $920.71 implies 14.80% upside from current levels.
