Eli Lilly Hits Record High as Weight-Loss Drug Sales Beat Estimates, Full-Year Forecast Raised

Eli Lilly shares surged to a record high on Thursday after the drugmaker beat quarterly profit expectations on strong sales of its weight-loss injections and raised its full-year revenue forecast, reinforcing its lead in the obesity market. Shares hit a record $1,408.34 in early trading and were last up 7.5% at $1,389, a gain that would add roughly $80 billion to Lilly's market capitalization of about $1.2 trillion. It was the company's third guidance raise this year. Analysts at J.P. Morgan reiterated Lilly as a top pick, citing further upside and upcoming catalysts in the over $200 billion obesity and diabetes market. Guggenheim noted significant beats in diabetes drugs Mounjaro and Jardiance, while BMO flagged a steep miss for the oral drug Foundayo as a possible concern over pricing strategy, though volume growth continues to offset price erosion across the GLP-1 portfolio. Lilly's Alzheimer's drug Kisunla posted third-quarter sales of $193 million, topping analysts' estimates of $175.2 million.