Jefferies lifts Lilly price target, says ex-US GLP-1 opportunity underestimated
LLY•Jefferies raised its price target for Eli Lilly to $1,700 from $1,610, calling the ex-US GLP-1 opportunity underestimated. It estimates the addressable patient population outside the US could be about twice as large as in the US.
1. Larger market opportunity
Jefferies said its analysis suggests the long-term ex-US market could be at least as large as the US market, given the much larger affluent population. It estimates the addressable patient population outside the US at about twice the US total, while noting adoption will take longer.
2. Pricing and product mix
Jefferies said Lilly could benefit from higher realized prices as patients move to higher doses, stronger ex-US margins, favorable oral-drug economics and its broad obesity portfolio. It said Lilly does not need aggressive price cuts to unlock demand in every market.
