Eli Lilly and Co (NYSE:LLY) shares are trading higher on Friday. The company plans to start selling its obesity drug through a new approach aimed at expanding access.
What To Know: Eli Lilly is changing how it sells its well-liked obesity drugs. Instead of sticking to the usual drug‑sales channels, the company plans to go straight to employers in hopes of making the expensive weight‑loss shots more accessible, Bloomberg reports.
Starting January 1, companies will buy Zepbound and Wegovy through Waltz Health, a firm that helps cut medication costs. The new program supports employers that do not currently cover obesity drugs. Waltz CEO Mark Thierer said four employers are already signed up to launch in January, with a goal of reaching 100,000 people by the end of the first-quarter.
Lilly and Novo Nordisk A/S (NYSE:NVO) are already selling their obesity drugs directly to patients online well below the usual price. Thierer noted that a few companies have shown interest in joining the new employer program as well.
While he didn't disclose the exact prices negotiated with the drugmakers, Thierer emphasized that they're competitive, calling this "the absolute cheapest way" for employees on a company health plan to access the drugs.
LLY Analyst Ratings
Eli Lilly and Co has seen an mostly positive trend in recent analyst actions. Truist Securities maintained a ‘Buy’ rating for the company, raising the target from $1038.00 to $1182.00 on Nov. 19. On the previous day, JP Morgan also held an ‘Overweight’ rating, albeit with a slightly lower target of $1150.00, up from $1050.00.
Additional noteworthy actions include Morgan Stanley’s ‘Overweight’ rating with a target set at $1171.00 on Nov. 13, following a similar ‘Buy’ rating from Citigroup with a significantly higher target of $1500.00. However, on Nov. 10, Freedom Capital Markets downgraded their rating to ‘Hold’ from ‘Buy’, setting a target of $950.00, up from $750.00.
LLY Price Action: Eli Lilly shares were up 2.14% at $1065.66 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Benzinga Pro.
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