BofA lifts LLY’s price target after Q2 earnings beat, citing potential for obesity drug sales outside the U.S. to exceed domestic revenue.
Bank of America increased its price target for Eli Lilly (LLY) to $1,344 from $1,334, reflecting stronger-than-expected second-quarter performance. The adjustment follows a 28.5x multiple applied to updated 2027 earnings estimates, excluding one-time research charges.
Lilly reported Q2 revenue of $23.0 billion, up 48% year-over-year, with adjusted earnings of $8.38 per share, surpassing the $6.01 consensus. The company also raised its full-year revenue forecast to $85 billion–$87 billion from $82 billion–$85 billion.
BofA highlighted the potential for international obesity drug sales to outpace U.S. revenue, shifting focus from earlier concerns about the drug’s slow domestic start.