Leerink remains bullish on Eli Lilly despite lower Q4 revenue guidance

Leerink notes that Eli Lilly (LLY) lowered its Q4 total revenue guidance by 5% but issued initial 2025 revenue guidance 2% above consensus. Q4 Mounjaro and Zepbound sales were approximately 18% and 15% below consensus, respectively. Although this is the second quarter in a row of disappointing results, the firm expects 2025-plus financial performance and pipeline news flow to be encouraging. Leerink reiterates its Outperform rating on the shares.