According to Reuters, biotech company Eli Lilly’s (NYSE:LLY) new weight-loss medication Zepbound outperformed Novo Nordisk’s (NYSE:NVO) Wegovy in new U.S. prescriptions for the first time since its launch, based on IQVIA‘s latest data. In the week ending March 8, Zepbound secured 77,590 new prescriptions, surpassing Wegovy by around 6,000 prescriptions. Despite this weekly achievement, Wegovy maintained the lead in total prescriptions.
The market for these drugs is anticipated to exceed $100 billion by the decade’s end, driven by significant consumer demand for effective weight-loss solutions. In fact, according to GlobalData, this class of medication is expected to outshine cancer immunotherapies in sales, partly due to its potential for treating additional health conditions and celebrity endorsements.
Is Eli Lilly a Strong Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on LLY stock. In addition, the average LLY price target of $830.67 per share implies 10.14% upside potential. In contrast, NVO stock has a $122.24 per share price target, implying 7.65% downside risk.
