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Bernstein boosts Eli Lilly PT on international Mounjaro strength

By Reuters News9 hours ago Updated

** Bernstein raises price target on drugmaker Eli Lilly LLY.N to $1,450 from $1,385; maintains "outperform" rating

** The new PT implies 13.86% upside to the stock's last close on Friday

** Brokerage expects Eli Lilly's third-quarter revenue to come in at $22.62 billion, driven by international sales of diabetes drug Mounjaro

** Medicare Bridge is expanding the obesity-drug market and boosting demand for Eli Lilly's Zepbound, with about 700,000 Medicare patients having started GLP-1 treatment by late September and Lilly therapies accounting for roughly 70% of those prescriptions — brokerage

** Bernstein analysts say they will focus on uptake among eligible patients, the mix between Zepbound and Foundayo, and whether demand is driven by incremental patients rather than a shift from cash pay to Medicare

** As of Friday's close, stock up ~19% YTD

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