Eli Lilly Stock (LLY) Hits All-Time High as Post-Earnings Rally Accelerates

The stock of U.S. pharmaceutical giant Eli Lilly (LLY) has hit an all-time high as the rally that began after the company’s recent third-quarter financial results accelerates.

LLY stock rose 4.8% on Nov. 10 to close at a record high of $966.55. The previous record close of $960.02 occurred on Aug. 30, 2024. In afternoon trading on Nov. 11, Eli Lilly’s stock was up another 2.43% and hit an intraday all-time high of $999.95.

The rise in LLY stock is a sharp reversal from earlier this year when the share price languished over concerns about demand for its weight-loss drugs and price controls on pharmaceuticals that could be imposed by U.S. President Donald Trump. Even with the current rally, Eli Lilly’s stock is only up 18% over the past 12 months.

Catalysts

Eli Lilly’s stock has been rallying due to two catalysts that have emerged over the past month. The first was the company’s third-quarter print. Eli Lilly reported earnings per share (EPS) of $7.02, which was far ahead of the $5.69 expected on Wall Street. Revenue of $17.60 billion surpassed consensus forecasts of $16.01 billion. Strong sales of the weight-loss drug Zepbound drove the financial results.

The other catalyst has been the deal Eli Lilly reached with the Trump administration to provide Medicare and Medicaid coverage for the company’s weight-loss drugs. Under terms of the deal, Medicare patients will pay only $50 per month for all approved uses of injectable and oral obesity medications. The drugs currently cost consumers as much as $1,000 a month.

LLY stock has now gained 21% in the last 30 days.

Is LLY Stock a Buy?

The stock of Eli Lilly has a consensus Strong Buy rating among 20 Wall Street analysts. That rating is based on 17 Buy and three Hold recommendations issued in the last three months. The average LLY price target of $985.39 implies 0.53% downside from current levels.

Read more analyst ratings on LLY stock