Leerink Partners Reiterates Outperform Rating on Eli Lilly (LLY)

Leerink Partners analyst Andrew Berens reiterated an Outperform rating and $950.00 price target on Eli Lilly (NYSE: LLY).

The analyst comments "● Bottom Line: NVO’s (Not Rated) Ph3b STEP UP trial of a higher dose, 7.2 mg semaglutide achieved 20.7% (18.3% pbo-adj.) weight loss after 72 weeks in nondiabetic obese patients. The approved max dose of semaglutide in nondiabetic obesity is 2.4 mg. The weight loss exhibited with 7.2 mg semaglutide compares cross-trial to LLY’s Ph3 SURMOUNT-1 tirzepatide up to 22.5% (20.1% pbo-adj.) at the same time point using a similar measure (Jastreboff et. al NEJM 2022). The results give us greater confidence in longterm tirzepatide market share. NVO did not disclose detailed sema 7.2 mg tolerability data; the PR simply stated that semaglutide 7.2 mg “appeared to have a safe and well-tolerated profile. The most common adverse events were gastrointestinal, and the vast majority were mild to moderate and diminished over time, consistent with the GLP-1 receptor agonist class.” Reiterate OP on LLY shares. ● We await detailed results from the Ph3b STEP UP trial at a medical conference this year, but we note that historical data showed better cross-trial tolerability for tirzepatide compared to sema’s 2.4 mg dose. For example, in LLY’s 72-week Ph3 SURMOUNT-1 trial, subjects given the highest dose of 15 mg tirzepatide had nausea and vomiting rates of 31% and 12%, respectively (Jastreboff et. al NEJM 2022). NVO’s 68-week Ph3 STEP-1 trail of 2.4 mg semaglutide showed higher nausea and vomiting rates of 44% and 25%, respectively (Wilding et. al. NEJM 2021)."

For an analyst ratings summary and ratings history on Eli Lilly click here. For more ratings news on Eli Lilly click here.

Shares of Eli Lilly closed at $757.60 yesterday.

You May Also Be Interested In