2023 is shaping up to be a blockbuster year for Eli Lilly. With the company’s stock soaring by almost 54% since the beginning of the year, analysts are largely upbeat about Lilly’s expanded focus on obesity and diabetes treatments. While the company has developed insulin for a century, the company is now broadening its horizons with Mounjaro (tirzapetide), a diabetes treatment used off-label for obesity. An FDA approval for tirzapatide, a dual GLP-1/GIP receptor agonist, in obesity could occur later this year.
While Lilly has seen its stock surge in 2023 thus far, its performance over the past month hasn’t been as robust — declining by close to 6% over the past month.
Momentum“We continue to be pleased with the strong momentum of Mounjaro as more type 2 diabetes patients benefit from the medicine,” said Dave Ricks, chairman and CEO of Eli Lilly, in the company’s second quarter earnings call. In fact, despite ramping up produ…