Eli Lilly and Co (NYSE:LLY) shares have gained more than 8% during the past five trading sessions on investor enthusiasm over prospects for the company's weight-loss drug Zepbound.
In a client update on Tuesday, BMO analysts noted that Lilly's drug already appeared to be taking market share away from Novo Nordisk's Ozempic and Wegovy.
"This is early validation that Lilly's franchise will dominate the landscape in 2024," the analysts wrote.
Zepbound is expected to generate $75 million in the fourth quarter in its initial quarter on the market, with sales expected to reach $11.37 billion by 2028.
On Thursday, Eli Lilly announced a new website that will allow patients to get a weight loss drug prescription through a telehealth provider, which is expected to improve access to the company’s products.
As well, analysts at Bank of America named the drugmaker as its top pick among large cap biopharmaceutical companies for 2024.
Eli Lilly also recently closed its $1.4 billion acquisition of Point Biopharma, a company developing treatments that involve tying a radioisotope to a molecule that finds cancer cells in the body.