Pharmaceutical giant Eli Lilly (NYSE:LLY) scored another win in Europe as regulators announced that they have recommended Mounjaro (tirzepatide) as a weight loss treatment. The drug has been available in the continent since 2022 but as a treatment for type-2 diabetes. According to the announcement, the European Commission will review the recommendation before a final decision is made.
The recent development comes on the back of similar approvals from U.S. and UK regulators. However, the drug’s use in the UK still faces some hurdles as its injection pen for Mounjaro is yet to be approved.
Eli Lilly said the drug will hit the U.S. market next month and will sell for around $1,060 for a monthly dosage and will be marketed as Zepbound. It is expected to compete with Novo Nordisk’s (NYSE:NVO) Wegovy in the growing weight loss treatment market.
Meanwhile, Eli Lilly shares gained marginally in Friday’s trading session and are up more than 63% on a year-to-date basis.
Is Eli Lilly Stock a Buy, Sell, or Hold?
Turning to Wall Street, analysts have a Strong Buy consensus rating on LLY stock based on 13 Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average LLY price target of $652.00 per share implies a 9.78% upside potential.
