Berenberg Raises Price Target, Forecasts for Eli Lilly on Q3 Beat, FY26 Outlook Upgrade

02:45 AM EST, 11/02/2026 (MT Newswires) -- Berenberg increased its price target and earnings estimates for Eli Lilly (LLY.SW, LLY.F), following the third-quarter "beat and raise" driven by the pharmaceutical giant's "dominance" in the international obesity and diabetes markets. "Management has delivered multiple guidance upgrades through this year, totalling cUSD10bn in incremental sales since February. Key drivers of this stronger performance ytd, versus initial internal expectations, are 1) Medicare Bridge obesity programme (faster patient uptake, higher market share) and 2) depth of demand in the ex-US obesity cash pay market (middle income demand, in addition to high income). Management is optimistic for continued growth from both as we move into 2027, noting it is still just 'scratching the surface' on the number of patients that can be reached with its incretins. Lilly will remain disciplined on price. In 2027, incremental price erosion will continue to be more than offset by volume growth," analysts said Monday. Eli Lilly reported a 39% year-over-year rise in third-quarter revenue to $24.40 billion, due to the performance of its Mounjaro and Zepbound medicines. The company now expects full-year 2026 revenue to come in between $91 billion and $92 billion, compared with the earlier target of $85 billion to $87 billion. Against this backdrop, Berenberg lifted the buy-rated stock's price target to $1,570 from $1,400 and upgraded its sales, EBIT and EPS projections for 2026 through 2028. Berenberg believes upcoming catalysts include the potential US approval of Foundayo in diabetes by year-end and the company's Innovation Day scheduled for Dec. 7, which is expected to be focused on its neuroscience, immunology, and oncology pipelines.