Morgan Stanley on Eli Lilly (LLY): 'we expect LLY shares to trade flat to slightly up'

Morgan Stanley analyst Terence Flynn reiterated an Overweight rating and $1,023.00 price target on Eli Lilly (NYSE: LLY)

The analyst comments "The approval was in line with our expectations and we expect LLY shares to trade flat to slightly up as a result. For context, Kisunla/ Dmab represents 4% of our total 2030 LLY sales. As a reminder, an FDA Adcom panel previously voted Yes unanimously on both voting questions (LINK). Dmab represents a competitor to BIIB/Eisai's Leqembi, where much of the focus has been on the pace of the launch and whether the drug can achieve recent 2Q24-1Q25 sales guidance (LINK). Broad label for Kisunla (i.e., no tau restriction) limits a potential upside scenario for Leqembi, but was not our expectation following the Adcom as noted above. See our prior recap of the Kisunla/ Dmab Ph3 data and a comparison to Leqembi."

For an analyst ratings summary and ratings history on Eli Lilly click here. For more ratings news on Eli Lilly click here.

Shares of Eli Lilly closed at $914.37 yesterday.

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