Eli Lilly growth thesis intact despite miri’s ‘manufacturing hiccup,’ says BofA

After Eli Lilly announced it received a Complete Response Letter, or CRL, from the FDA for its biologic license application for Mirikizumab, or miri, for ulcerative colitis, or UC, BofA analyst Geoff Meacham says the firm looks for "modest pressure on shares" due to the news. However, the "implications are modest," says the firm, which notes that according to Lilly the FDA cited only manufacturing issues. The issue was identified at one of Lilly’s internal Indianapolis sites, rather than a third party CMO, but the team stressed there was unlikely to be any impact on other products, added BofA, which has a Buy rating on Lilly with a $390 price target and says the growth thesis remains "intact."