LLY - The Incretin Powerhouse: Pre-2Q Model Update; PT to $1,370 from $1,281

研报英文原文证据摘录

LLY - The Incretin Powerhouse: Pre-2Q Model Update; PT to $1,370 from $1,281

Truist Securities

Equity Research Report July 8, 2026

HEALTHCARE: Pharmaceuticals Eli Lilly and Company (LLY)

LLY - The Incretin Powerhouse: Pre-2Q Model Update; PT to Srikripa Devarakonda, Ph.D.

212-303-4173 $1,370 from $1,281

Srikripa.Devarakonda@truist.com

Alexander Xenakis Ahead of 2Q26 earnings, we reiterate our Buy and increase our PT to reflect what we believe

212-590-0954 could be a beat and raise quarter for Lilly. We note strong US script growth (Zepbound/

Alexander.Xenakis@truist.com Mounjaro) offset by slower than expected Foundayo growth. We maintain high conviction

in Lilly's incretin portfolio. While current growth stems from Mounjaro/Zepbound, we see

Anna Li substantial potential for Foundayo, particularly in the international market, and retatrutide to

212-326-6090 expand the patient basis. Despite record-shattering revenue, we believe the market remains

Anna.Li@truist.com conservative on the ultimate obesity TAM and believe LLY is well-positioned to capture

additional market share over the next decade.

Stock Rating BUY Our 2Q26 total revenue estimates of $20.7B are in-line with $20.5B consensus. Our

Unchanged FY26 total revenues of $85.6B are above Lilly's 1Q26 guidance of $82-$85B FY26 total

revenue given we see strong performance over the next quarters, and we expect Lilly to

Price Target $1,370.00 raise FY2026 guidance. Our FY26 total revenue numbers reflect q/q growth from Mounjaro/

↑ Zepbound that puts overall revenues above the upper bound of Lilly's guidance. We believe

from that our FY26 Zepbound revenue of $19.2B could be conservative given Zepbound will

$1,281.00 be put back on CVS formulary in 3Q26 with a resulting impact in 4Q26. Of note, we have