Credit Suisse analyst Trung Huynh raised the firm’s price target on Eli Lilly to $580 from $490 and keeps an Outperform rating on the shares. Overall, Q2 sales came in 10% ahead of expectations, the firm notes. Credit Suisse also notes 67% of scripts are now paid and management highlighted Mounjaro’s net price is expected to increase more meaningfully in the second half of 2023. As a result, sales guidance was increased to $33.4B-$33.9B from $31.2B-$31.7B. However, this was partially offset by an increase to cost guidance for an EPS guidance increase to $9.70-$9.90 from $8.65-$8.85, the firm adds.
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