Eli Lilly & Co: Three deals in infectious disease bring LLY into a new therapeutic area

Research evidence excerpt

Eli Lilly & Co: Three deals in infectious disease bring LLY into a new therapeutic area

Equity Research

U.S. Biopharmaceuticals

26 May 2026

Eli Lilly & Co

Three deals in infectious disease

bring LLY into a new therapeutic First Look

LLY OVERWEIGHTarea

U.S. Biopharmaceuticals NEUTRAL

Three deals (upfronts undisc./total up to $3.8bn) bring in lead Price Target USD 1400.00

vaccine candidates for shingles, staph infection and Epstein- Price (22-May-26) USD 1065.00

Barr Virus (EBV). With potential to improve upon existing PotentialSource: Bloomberg,Upside/DownsideBarclays Research +31.5%

options, as well as larger downstream sequelae, we see as a

U.S. Biopharmaceuticalssmart move for the longer term.

Emily Field, CFA

+1 212 526 4160

emily.field@barclays.com

BCI, US

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Hang Hu, PhD

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Barclays quick take: Three new acquisitions for infectious disease assets represent new

therapeutic area of focus for Eli Lilly...with potential to improve on SOC but also have

bigger LT potential (i.e. shingles vaccination and dementia): This morning, LLY announced

three new acquisitions for infectious disease (ID) assets for total consideration of ~$3.8bn

(upfront consideration undisclosed). These assets cover viral pathogens linked to long-term

neurological and oncological risks, as well as pathogens that are difficult to treat and subject to

increasing resistance. These deals are an entry into a "white space" therapeutic area for LLY,