Eli Lilly and Co. (NYSE:LLY) could witness a 140% surge in its shares, as predicted by Goldman Sachs. The growth is anticipated to be driven by an increased demand for GLP-1 weight loss and diabetes drugs.
What Happened: Goldman Sachs’ latest research suggests a bright future for Eli Lilly, as reported by Business Insider on Tuesday. The bank predicts that by 2028, GLP-1 drugs, including Eli Lilly’s Mounjaro and Zepbound, will be consumed by nearly 68 million Americans.
The banking giant believes that the potential of GLP-1 drugs has been underestimated, which could potentially skyrocket their revenues to an astonishing $400 billion. This is four times higher than Wall Street’s current estimates. Goldman Sachs likens the potential of these drugs to the transformative effects of Apple’s iPhone and Amazon’s e-commerce business.
Goldman Sachs also advised investors to keep an eye on key GLP-1 studies, namely SYNCHRONIZA-CVOT, REDEFINE-3, and SURMOUNT-MMO. These studies are expected to increase the demand for GLP-1 drugs by 9 million people.
Despite the bullish outlook, Goldman Sachs maintains a “Neutral” rating for Eli Lilly and sets a $600 price target, indicating a potential 5% upside from its current levels.
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