LLY: Q2 Preview - Plenty of pushes and pulls in ‘26, but still see beat and raise potential (PT to $1385)

研报英文原文证据摘录

LLY: Q2 Preview - Plenty of pushes and pulls in ‘26, but still see beat and raise potential (PT to $1385)

14 July 2026

Courtney Breen

+1 917 344 8407

US Biopharmaceuticals courtney.breen@bernsteinsg.com

Woody PolglaseEli Lilly & Co +1 917 344 8314

Rating woody.polglase@bernsteinsg.com

Outperform Louisa Qiu

+1 917 344 8495

Price Target louisa.qiu@bernsteinsg.com

LLY 1,385.00 USD (1,300.00 OLD) Specialist Sales

Christian Moore

+1 917 344 8555

christian.moore@bernsteinsg.com

LLY: Q2 Preview - Plenty of pushes and pulls in '26, but still see

beat and raise potential (PT to $1385)

LLY has had an exceptionally strong Q2, stock up +30% in the quarter, benefiting from Close Date 13 Jul 2026

sector rotations as investors look for diversification away from AI-exposed or tech names.

LLY Close Price (USD) 1,181.87

The company now trades at approximately 33x forward PE, based on consensus FY26E EPS

Price Target (USD) 1,385.00

of $35.71. A significant premium to the typical sector multiple range for a growing company

Upside/(Downside) 17%

(mid-teens). Consensus expects Q2 revenue of $20.6Bn and Q2 EPS of $7.67. We see a

52-Week Range 1,249.45/623.78

path to a slight beat to both top and bottom lines (once IPR&D are incorporated) when the

SPX 7,515.34

company reports on August 5th, despite a weaker US Foundayo launch than anticipated. FYE Dec

Div Yield 0.6%

Resetting Foundayo Estimates: Q2 is the first quarter of Foundayo revenue, and will be

Market Cap (USD) (B) 1,113.02

an opportune time for management to discuss Foundayo’s launch so far - whilst the launch

EV (USD) (B) 1,151.10

has ticked many of the boxes a pharma company looks for (access across PBMs, physician

activation, and DTC advertising within 3 months), it has certainly underperformed the Performance YTD 1M 6M 12M