#6 - Eli LIlly (NYSE:LLY)
Eli Lilly and Company (NYSE: LLY) is another solid option for investors who are looking for stocks likely to outperform in 2024. The stock is up 143% in the past 12 months and 31.6% in the last three months alone. But you shouldn't be afraid to chase LLY higher.
In 2023, the company introduced two blockbuster products, Mounjaro and Zepbound, that are taking their respective industries by storm. Mounjaro is a revolutionary diabetes treatment that surpassed $2.2 billion in sales. Zepbound is Lilly's entry into the growing and competitive weight loss sector. In its initial quarter, Zepbound contributed $175 million to the company's top line.
The stock is trading at 62x forward earnings. That's expensive compared to itself and the biotechnology sector. Considering the company is coming off a 20% decline in EPS, some may feel LLY stock is overpriced. However, analysts forecast a 47.5% earnings growth in the next 12 months.
About Eli Lilly and Company
Eli Lilly and Company discovers, develops, and markets human pharmaceuticals worldwide. The company offers Basaglar, Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, insulin lispro mix 75/25, Humulin, Humulin 70/30, Humulin N, Humulin R, and Humulin U-500 for diabetes; Jardiance, Mounjaro, and Trulicity for type 2 diabetes; and Zepbound for obesity.
Read More - Current Price
- $786.23
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 16 Buy Ratings, 4 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $1,008.41 (28.3% Upside)
