Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Baron Fifth Avenue Growth Fund Alex Umansky | “We added to Eli Lilly & Company in the second quarter as we believe it remains a compelling big idea. Eli Lilly is best known for its GIP/GLP-1 medications for diabetes and obesity. Although awareness and adoption of these medications has grown rapidly in the past few years, the market remains vastly underpenetrated. In the U.S. alone, there are roughly 135 million obese or diabetic patients who would qualify for GLP-1 drugs, yet less than 15% are on a GLP-1 drug today. Globally, over one billion people could benefit from GLP-1 therapy, and international markets are even less penetrated. We think these drugs will continue to launch well as awareness and insurance coverage grows, and as Lilly generates more data to show the dramatic impact GLP-1 drugs can have on other medical comorbidities. We think that these drugs will become the standard of care and a $180 billion-plus category. We view Lilly as a clear leader in GLP-1s. Zepbound/Mounjaro appears to be the most effective injectable treatment currently available, while Orforglipron is positioned as the most convenient oral option. Lilly's U.S. market share has risen from below 50% at the start of 2025 to more than 60% today. Beyond Zepbound and Orforglipron, we believe Lilly has the strongest next-generation obesity pipeline, led by Retatrutide, a high-efficacy triple-agonist injectable, and Eloralintide, an amylin agonist that demonstrated Zepbound-like efficacy with excellent tolerability and could likely be combined with Zepbound. Lilly's incretin franchise also has meaningful optionality beyond obesity and type 2 diabetes. Zepbound has already shown efficacy in obstructive sleep apnea and heart failure, and we believe it could also prove useful in fatty liver disease and cardiovascular disease. Lilly is also studying brenipatide, a brain-penetrant GIP/GLP-1 agonist, in alcohol use disorder, major depressive disorder, opioid use disorder, schizophrenia, tobacco use disorder, bipolar disorder, and asthma. We also see potential use cases across autoimmune conditions and even in preventing inflammation-related cancers. Beyond obesity and GLP-1s, Lilly is building a highly diversified portfolio, reinforcing its position as one of the fastest-growing pharmaceutical companies even excluding its GLP-1 franchise. The company has made meaningful pipeline progress, with promising programs in early Alzheimer's, breast cancer, and cardiology that could each become $10 billion-plus opportunities over time. Management is also using Lilly's substantial cash flow to pursue aggressive, strategic business development that can further extend long-term growth. Year to date, Lilly has announced more than 10 strategic deals totaling over $25 billion in value. While most target early-stage platforms for long-term pipeline growth, the Centessa acquisition stands out as a nearer-term opportunity. The $6.3 billion upfront deal secures a de-risked potential blockbuster therapy for sleep and wake disorders slated for a 2028 launch, with additional upside in sleep apnea. We would also highlight Lilly's landmark $1 billion co-innovation lab with NVIDIA, which is designed to virtually simulate complex molecular dynamics in silico before beginning physical trials and should help accelerate early-stage drug discovery.” | NEUTRAL | Q2 2026 Aug 14, 2026 | View Pitch |
Baron Health Care Fund Neal Kaufman | “Pharmaceutical company Eli Lilly and Company, currently best known for its diabetes and obesity GLP-1 therapies, contributed to performance as commercial execution and pipeline data reinforced investor confidence in the company's long-term leadership. All three major pharmacy benefit managers now cover Lilly's obesity portfolio, including its new daily oral GLP-1, Foundayo. This marks a reversal from last summer, when CVS Caremark provided preferred coverage for Novo Nordisk's Wegovy and raised concerns about a potential price war. The shift suggests that patients and physicians prefer Zepbound and are driving demand. Clinical trial data further reinforces our view that Lilly has one of the strongest next-generation metabolic pipelines in the industry. Phase 3 data showed retinylated delivered weight loss in the high-20% range at higher doses and nearly 20% at lower doses, while maintaining excellent tolerability. We are also excited about eloralintide, where Phase 2 data showed Zepbound-like efficacy and tolerability, with combination data expected soon. Long term, we continue to view Lilly's portfolio as the gold standard in a category that we believe can exceed $150 billion.” | NEUTRAL | Q2 2026 Jul 23, 2026 | View Pitch |
Thornburg Global Opportunities Fund Brian McMahon | “Eli Lilly is the eleventh largest holding. Global branded pharmaceutical development, manufacture, distribution. Returned +12.0% in H1 2026 and +40.2% in calendar 2025. Trailing 5-year revenue per sha” | BULL | Q2 2026 Jul 10, 2026 | View Pitch |
Andrew Hill Investment Advisors, Inc. Andrew D.W. Hill | “Eli Lilly is experiencing explosive revenue growth driven by global demand for its blockbuster diabetes and obesity treatments. The company is prudently investing the proceeds from this cash generator into global manufacturing capacity to resolve ongoing supply shortages and expand its pipeline. Alongside the GLP1's are an emerging Alzheimer's franchise (Donanemab and follow-ons) and a broad bench across oncology, immunology, and cardiovascular disease. We view the company as well positioned to advance its current pipeline for years to come. Recently we reduced the position in Nvidia and increased our position in Eli Lilly, now Eli Lilly is the largest equity position in many accounts.” | NEUTRAL | Q2 2026 Jul 6, 2026 | View Pitch |
ARK Invest Catherine D. Wood | “Eli Lilly is a global pharmaceutical leader commanding major commercial franchises in diabetes, metabolic dysfunction, oncology, immunology, and neuroscience. The manager initiated a long position (representing 0.54% of ARKK and 2.81% of ARKG), arguing that Lilly's innovative metabolic pipeline and expansion into curative gene-editing technologies support an industry-leading multi-year compound growth profile. Lilly possesses wide economic moats established through extensive patent portfolios, deep commercialization networks, and immense pricing power across cardio-metabolic therapeutics. The development of next-generation oral formulations like orforglipron substantially reduces manufacturing and cold-chain distribution costs compared to injectable biologics, widening gross margins. Concurrently, curative cardiovascular gene therapies acquired via Verve Therapeutics offer disruptive potential to transition chronic treatment regimes into high-value single-administration therapies. Catalysts include regulatory approvals and Phase 3 readouts for orforglipron and retatrutide, alongside pipeline progress in curative gene editing. Risks include governmental pricing pressures on GLP-1 drugs, patent expiration cliffs, and clinical trial safety setbacks in next-generation molecules.” | BULL | Q2 2026 Jun 30, 2026 | View Pitch |
WestEnd Capital George Bolton, Ali, George Elliman | “Eli Lilly stands out as a dominant franchise in the GLP-1 obesity and diabetes market, while actively reducing friction for patients and payers through direct-to-consumer and direct-to-employer pricing strategies that bypass pharmacy benefit manager middlemen. Through LilyDirect, cash-pay patients can now access Zep Bound at significantly discounted prices, and Lilly has struck agreements to expand access through employers and Medicare channels. Beyond metabolics, Lilly is diversifying into oncology and next-generation oral GLP-1s, including orforglipron, which offers meaningful convenience advantages and could become a mega-blockbuster. BSD Analysis: Eli Lilly is redefining what “growth pharma” looks like in real time. GLP-1 drugs for obesity and diabetes are reshaping healthcare economics, not just market share. Demand exceeds supply, which is the best possible problem to have. Pricing power is enormous even as political noise grows louder. The pipeline behind today's blockbusters is credible, not speculative. Manufacturing investment is heavy but rational. Margins expand as scale catches up with demand. This is not defensive pharma anymore. It's a structural earnings reset with momentum.” | BULL | Q4 2025 Jan 27, 2026 | View Pitch |
Impax US Sustainable Economy Fund Scott LaBreche, Christine Cappabianca | “Eli Lilly is included due to its strategic positioning with respect to sustainability opportunities, specifically in Health Care Access and Innovation. The company announced a significant agreement with the Trump administration aimed at improving patient access and reducing prices for select medications. A key development from this agreement is the extended coverage of GLP-1 weight loss drugs within Medicare and Medicaid programs. This announcement was well received by investors, as it alleviated ongoing concerns about stringent drug pricing. The agreement also created a substantial new market opportunity for GLP-1 therapies. BSD Analysis: Lilly is executing one of the most powerful product cycles in modern pharma history. Obesity and diabetes therapies are reshaping standards of care, not just adding incremental options. Demand exceeds supply, shifting risk from science to manufacturing execution. Investors debate peak sales prematurely while Lilly expands capacity and indications. Pricing power is rooted in outcomes and system-wide cost savings. The broader pipeline reduces single-asset risk meaningfully. This is pharma dominance with momentum and depth.” | BULL | Q4 2025 Jan 21, 2026 | View Pitch |
The Bristol Gate U.S. Equity Strategy Achilleas Taxildaris | “Eli Lilly (LLY) continues to benefit from the strength of its incretin portfolio. During the quarter, LLY reported Q3 results that were ahead of analyst expectations, driven by its GLP-1 franchise (Mounjaro and Zepbound). LLY now commands 58% of the US incretin market, and exited Q3 with 71% of new prescriptions, indicating further market share gains ahead. The strength led management to raise their annual guidance for the year for the third time this year. We believe LLY will carry this strength into 2026 when its oral GLP-1 drug (orforglipron) is expect to hit the market in the Spring. We believe the oral alternative will significantly expand the market globally due to the ease of use (no needle), less complex supply chain (much easier to manufacture and no cold storage chain needed) and lower cost. BSD Analysis: Eli Lilly is in the middle of one of the most powerful pharma cycles in decades, driven by obesity and diabetes drugs that actually work. Demand is overwhelming, turning manufacturing capacity into the real constraint. Pricing power is enormous, but political scrutiny comes with the territory. Unlike many pharma peers, Lilly pairs blockbuster execution with a credible pipeline beyond GLP-1s. Margins expand as scale catches up with demand. The balance sheet supports aggressive reinvestment without stress. This is not a short-term trade — it's a therapeutic paradigm shift. Risks are real, but the earnings power reset is bigger. Lilly is rewriting what “growth pharma” looks like.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Parnassus Growth Equity Fund Andrew Choi & Shivani Vohra | “Eli Lilly rebounded sharply during the quarter as concerns around pricing, penetration, and competition for its GLP-1 weight-loss drugs eased. Stronger-than-expected demand data reinforced confidence in the durability of its obesity and diabetes franchises. The company's innovation pipeline and execution supported renewed investor optimism. BSD Analysis: Lilly is executing one of the most powerful drug cycles in modern pharma. Obesity and diabetes therapies redefine standard of care. Demand exceeds supply, shifting risk to manufacturing execution. Pricing power reflects outcomes, not marketing. The broader pipeline reduces single-asset dependency. Political noise hasn't slowed adoption. Investors debate peak sales prematurely. Lilly keeps expanding indications and capacity. This is pharma dominance with real-world proof.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Hardman Johnston Global Equity Cassandra A. Hardman | “Eli Lilly announced a deal with the U.S. administration that includes a three-year exemption from tariffs and the sale of GLP-1 therapies through government channels at discounted prices. Access to these channels significantly expands the addressable patient population and supports meaningful volume growth. Strong operating results and an upgraded 2025 outlook were driven by continued momentum from Mounjaro and Zepbound. Eli Lilly continues to gain share from Novo Nordisk across both diabetes and obesity markets, with prescription trends for both products remaining robust. Orforglipron (oral GLP-1) approval and commercial launch anticipated in 2026. This is likely the most watched commercial launch of all time with extremely high expectations. BSD Analysis: Eli Lilly is executing one of the most powerful product cycles in modern pharma history, driven by obesity and diabetes therapies that redefine standard of care. Demand is far outstripping supply, shifting the debate from clinical risk to manufacturing scale. Pricing power is real because outcomes are transformative, not incremental. The pipeline beyond GLP-1s remains deep, reducing single-product dependency. Capital spending is heavy, but returns on that investment look exceptional. Political noise around drug pricing persists, yet outcomes-based therapies tend to win policy battles. Investors fixate on peak sales assumptions, but Lilly keeps expanding the use cases. This is rare pharma momentum backed by real science. Execution, not discovery, is now the key risk.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Royal London Global Equity Diversified Fund Portfolio Manager | “Eli Lilly was a key contributor. The primary driver was the company's dominant position in the fast-growing GLP-1 drug market and a rotation into the defensive sectors of the market. Third-quarter results, released at the end of October, were exceptional, due to explosive demand for its metabolic franchise (Mounjaro for diabetes and Zepbound for obesity), which together generated more than $10 billion in quarterly sales and captured leading US market share. BSD Analysis: Eli Lilly enters 2026 as a generational growth story, issuing bullish revenue guidance fueled by the unprecedented success of its metabolic franchise. The company's "volume defense" strategy is effectively counteracting regulatory price pressures, with Mounjaro and Zepbound expected to exceed 50 percent of total corporate revenue this year. Significant catalysts remain in the pipeline, most notably the anticipated 2026 FDA approval of Orforglipron, a small-molecule oral GLP-1 that could radically lower production costs and expand market reach. Lilly is aggressively outspending peers on physical infrastructure, committing over 50 billion dollars since 2020 to build a supply moat that competitors struggle to match. While the stock trades at a premium valuation, its market-leading efficacy in weight loss and expanding indications into Alzheimer's and liver disease provide a robust long-term growth trajectory.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Baron Health Care Fund Neal Kaufman | “Eli Lilly and Company is a global pharmaceutical company currently best known for its GLP-1 treatments for diabetes and obesity. Shares rose during the quarter as Zepbound's obesity launch continued to gain strong traction. In addition, investors welcomed the announcement of an agreement with the Trump administration that expands Medicare and Medicaid coverage for Lilly's obesity drugs, offers lower pricing through Medicaid, and supports continued U.S. drug manufacturing investment. In exchange, Lilly was excluded from any near-term “Most Favored Nations” drug pricing programs or pharmaceutical sector tariffs, improving regulatory certainty. Long term, we view Lilly's Mounjaro and Zepbound GLP-1/GIP therapies, along with orforglipron, its oral GLP-1, as transformational for diabetic and non-diabetic obese patients, and we expect this drug class to become the standard of care for both diabetes and obesity, ultimately representing a $150 billion-plus market opportunity. In our view, GLP-1 adoption is still in its early innings, and we believe continued uptake will drive a doubling of Lilly's total revenues by 2030. BSD Analysis: Eli Lilly is in the middle of a once-in-a-generation pharma moment, and the market still underestimates how durable it could be. GLP-1 drugs for obesity and diabetes aren't just blockbusters — they're reshaping healthcare utilization itself. Demand is constrained by manufacturing, not patients, which is the best problem a drug company can have. Pricing power is enormous, even with political noise swirling in the background. What separates Lilly from past one-drug wonders is the depth of the pipeline behind today's hits. Capital spending is aggressive but rational, aimed at extending the window of dominance. Margins expand as scale catches up with demand. This is not defensive pharma anymore. It's growth pharma with real earnings gravity.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Janus Henderson Forty Fund Nick Schommer, Brian Recht | “Relative performance benefited from Eli Lilly, which reported strong third-quarter results driven by accelerating sales of its blockbuster GLP-1 weight loss drugs, Mounjaro and Zepbound. The company also has several promising late-stage pipeline assets, including orforglipron, a once-daily oral GLP-1 therapy, and retatrutide, which targets higher levels of weight loss and could complement existing products. Lilly reached an agreement with the U.S. government on pricing and access for GLP-1 drugs under Medicare and Medicaid, which may further expand market potential. These factors reinforced confidence in Lilly's long-term growth trajectory. BSD Analysis: Lilly is executing one of the strongest product cycles in modern pharma history. Obesity and diabetes therapies are redefining standard of care, not just adding incremental benefit. Demand exceeds supply, shifting risk from science to manufacturing execution. Pricing power reflects outcomes, not marketing. The broader pipeline reduces single-drug dependency risk. Political noise persists but hasn't slowed adoption. Investors debate peak sales prematurely. Lilly keeps expanding indications and capacity. This is pharma dominance backed by real-world results.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Edgewood Management Alan Breed | “The company remains a premier growth compounder in the highly underserved global diabetes and obesity therapeutic markets. While the market overreacted to slightly lower-than-expected weight loss results in a single oral molecule trial, the manager expects regulatory approval based on the full clinical program and took advantage of the price dip to add to the holding.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Edgewood Management Alan Breed | “Global pharmaceutical company with a leading position in diabetes/obesity and a rich pipeline of follow-on medicines addressing several therapeutic categories. Thesis: Lilly is a leader in diabetes and obesity markets which represent large global patient populations and today remain largely underserved. Excellent management team with a long-term focus on deploying capital towards R&D/serial innovation in therapeutic categories with large unmet needs. Q2 Results: Revenue +38% and EPS +61%. Raised FY 2025 revenue and EPS guidance. What Happened: Stock declined on results from P3 ATTAIN-1 trial – orforglipron (Lilly's oral GLP-1 molecule) delivered 12.4% weight loss at the highest dose – expectations were 13-15% weight loss. Edgewood's View: The market was too narrowly focused on one metric from one trial, demographics impacted results and the totality of data from 5 clinical trials would support approval. After a ~15% price decline, Lilly traded at ~20x 2026 EPS for a company that we believe can compound EPS >20% over the next 5 years. Resulting Action: After research meeting with senior management at LLY HQ, Edgewood added 100bps to our position in August. BSD Analysis: Eli Lilly is in the middle of a structural earnings reset driven by obesity and diabetes therapies. GLP-1 demand exceeds supply, which is the best kind of problem to have. Pricing power is significant despite political noise. The pipeline behind today's blockbusters looks credible, not promotional. Manufacturing expansion is aggressive but necessary. Margins expand as scale catches up to demand. Execution now matters more than hype. This is not defensive pharma. It's growth pharma with rare visibility.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
ClearBridge Investments All Cap Growth Evan Bauman, Erica Furfaro, Aram Green, Amanda Leithe, Margaret Vitrano | “In health care, we replaced Eli Lilly, a leading developer of GLP-1 treatments for diabetes and obesity, with its primary competitor Novo Nordisk. Novo's Wegovy drug was first to market among the new generation of obesity drugs; however, the company has lost market share to Lilly due to delays in scaling up production. While the initial market reaction to Novo's enhanced CagriSema weight loss treatment was negative, we believe this is a more potent formulation that can better compete with Eli Lilly. With Novo poised to have a better product portfolio and improved supply position, we find the company's valuation very attractive given the large secular growth trends behind the diabesity market. We also added Alnylam Pharmaceuticals, a commercial stage biotechnology company and world leader in RNA interference, a technology that selectively shuts off the production of any protein at the genetic level. The company's platform of five approved drugs can be used to treat a broad array of rare and common diseases as well as consistently generate new drug candidates. We do not believe the market appreciates the potential value of Alnylam's core Amvuttra franchise to treat a liver condition that can lead to heart failure. It also has several early-stage pipeline assets, including opportunities in high blood pressure and Huntington's Disease. BSD Analysis: Eli Lilly is a generational growth story in the pharmaceutical sector, utterly dominant in the multi-hundred-billion-dollar GLP-1 weight loss and diabetes space. The company's lead assets, Mounjaro (diabetes) and Zepbound (obesity), anchor the bull case, with its dual GLP-1/GIP mechanism providing a clinical edge over competitors. This unprecedented demand is driving a massive capacity buildout, with Lilly investing billions in new US and European manufacturing sites, a strategic move to ensure supply and effectively "outbuild" the competition. The company maintains superior, software-like gross margins exceeding 83%, and its non-GAAP operating margin is now guided to be over 45%, translating to immense profitability. The valuation, while commanding a premium P/E multiple (over 50x) that prices in aggressive growth, is justified by the pipeline optionality, including the potential blockbuster launch of Donanemab for Alzheimer's and the highly anticipated oral GLP-1, Orforglipron. Analysts project that Lilly's tirzepatide sales will surpass Novo Nordisk's by 2026, underscoring its pivotal role in the future of cardiometabolic medicine.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Ithaka US Growth Strategy Scott O'Gorman, Andy Colyer, Daniel White | “Eli Lilly is a global pharmaceutical company that focuses on discovering, developing, and marketing innovative medicines in endocrinology, oncology, immunology, and neuroscience. The company has created blockbuster products including Mounjaro for diabetes and Zepbound for obesity, with the combination collectively known as its GLP-1 franchise. The global GLP-1 market operates as a functional duopoly, with Lilly controlling ~45% of the market and Novo Nordisk controlling ~50%. At the end of 2024, the GLP-1 market had a global TAM of $52B, growing to ~$120B over the next five years. Despite its prior success, Lilly is cultivating a promising pipeline, including oral GLP-1 drugs and novel therapies, positioning it for sustained growth into the foreseeable future. The stock's underperformance was due to two factors. First, is the Trump administration's unfavorable opinion of the global healthcare industry, which is structured so that the US shoulders a majority of drug development costs, leading to higher prices than those seen in other countries. Second, CVS Caremark announced removing Eli Lilly's Zepbound from its largest commercial template formularies and designating Novo Nordisk's Wegovy as the preferred GLP-1 medication for weight loss, sparking market share concerns from investors. BSD Analysis: Lilly is what it looks like when a big pharma company actually nails both science and timing. Its GLP-1 franchise for diabetes and obesity has gone from important to franchise-defining, with demand constrained more by manufacturing capacity than by interest. On top of that, Lilly has promising assets in Alzheimer's, oncology, and immunology that keep the pipeline from being a one-trick pony. Pricing and reimbursement scrutiny for obesity drugs will be intense, but payors also see the long-term cost savings of treating metabolic disease earlier. The moat here isn't just patents; it's scale in R&D, manufacturing, and regulatory relationships. Valuation is rich, but so is the runway if Lilly continues to execute. This is a rare pharma name where the “too good to be true” story has so far been mostly true.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Hardman Johnston Global Equity Cassandra A. Hardman | “Eli Lilly shares fell during the quarter due to concerns on Zepbound share loss, after Novo Nordisk and CVS Caremark announced Wegovy as the preferred GLP-1 on Caremark's formularies. Despite this, GLP-1 market growth remains at 30%, and Zepbound's share continues to increase. Additionally, data at the American Diabetes Association conference indicated that Eli Lilly is well positioned across their obesity portfolio due to strong clinical trial data from Orforgliprong, their oral GLP-1. BSD Analysis: Eli Lilly is a generational growth story in the pharmaceutical sector, utterly dominant in the multi-hundred-billion-dollar GLP-1 weight loss and diabetes space. The company's lead assets, Mounjaro (diabetes) and Zepbound (obesity), anchor the bull case, with its dual GLP-1/GIP mechanism providing a clinical edge over competitors. This unprecedented demand is driving a massive capacity buildout, with Lilly investing billions in new US and European manufacturing sites, a strategic move to ensure supply and effectively "outbuild" the competition. The company maintains superior, software-like gross margins exceeding 83%, and its non-GAAP operating margin is now guided to be over 45%, translating to immense profitability. The valuation, while commanding a premium P/E multiple (over 50x) that prices in aggressive growth, is justified by the pipeline optionality, including the potential blockbuster launch of Donanemab for Alzheimer's and the highly anticipated oral GLP-1, Orforglipron. Analysts project that Lilly's tirzepatide sales will surpass Novo Nordisk's by 2026, underscoring its pivotal role in the future of cardiometabolic medicine.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
RiverPark Large Growth Fund Brent Jackson | “In Q2, Mounjaro sales rose sharply to $3.8 billion and Zepbound reached $2.3 billion in revenue. However, EPS came in below consensus due to lower pricing and temporary supply disruptions. The market reacted to news that certain payers were shifting GLP-1 drugs off preferred formularies (insurance companys' lists of approved drugs), raising concerns about future prescription growth. While the underlying demand remains robust, competitive dynamics and manufacturing constraints led to investor caution. Volatility in the broader weight-loss drug space also contributed to relative weakness. Despite short-term pricing concerns, we believe Lilly is well positioned for multi-year growth. Its leadership in obesity and diabetes treatments, combined with a promising late-stage pipeline in Alzheimer's, immunology, and oncology, offers significant upside. BSD Analysis: Eli Lilly is a generational growth story in the pharmaceutical sector, utterly dominant in the multi-hundred-billion-dollar GLP-1 megatrend. The company's financial health is breathtaking, with full-year 2025 revenue guidance raised to a staggering range of $63.0 billion to $63.5 billion, after posting 54% year-over-year revenue growth in Q3 2025. Its margins are structurally superior, with a TTM Gross Profit Margin of 83.0%—significantly outpacing peers. This dual focus on high margins and a massive $27 billion commitment to new manufacturing plants is necessary to meet the extraordinary demand and secure future revenue. The high valuation is justified by its projected growth, making it a hallmark of a dominant growth company.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Madison Sustainable Equity Fund Maya Bittar, Dave Geisler | “Eli Lilly's stock faced pressure due to uncertainty around potential pricing impacts, GLP-1 revenue expectations, and maintained guidance. Despite this, management reaffirmed confidence in its diabetes and obesity franchises. Further clinical readouts from its oral obesity pill are expected later in the year and may serve as positive catalysts. BSD Analysis: Eli Lilly is a generational growth story in the pharmaceutical sector, utterly dominant in the multi-hundred-billion-dollar GLP-1 weight loss and diabetes megatrend. The core thesis is driven by the company's successful navigation of regulatory and policy risks, securing a $6.5 billion investment to build a new U.S. manufacturing facility. This domestic expansion strengthens its supply chain and provides favorable policy positioning. The company's Return on Equity stands at an impressive 87.91%, justifying its high valuation. Lilly's expanding portfolio is poised to capture substantial market share and provide long-term growth momentum.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
