Drugmaker Eli Lilly & Co (NYSE:LLY) will have to pay $176.5 million to Teva Pharmaceuticals International GMBH as a Boston federal court jury ruled that Lilly’s migraine drug Emgality violated three Teva patents.
Teva Pharmaceuticals International is a subsidiary of Teva Pharmaceutical Industries (NYSE:TEVA). Notably, Lilly has been accused of violating rights relating to Teva’s migraine drug, Ajovy. Also, the jury found that Lilly willingly infringed the patents.
As per a Reuters report, Lilly is not satisfied with the jury’s ruling and strongly believes that it will “ultimately prevail” in the case. Further, it noted that the trial result does not affect its ability to offer Emgality to patients.
What is the Target Price for Eli Lilly?
At TipRanks, Eli Lilly currently has an average price target of $377, implying 3.78% upside potential. Wall Street is bullish on the stock with a Strong Buy consensus rating based on 11 Buys and two Holds.
