Truist Securities Expects Q2 Beat from Eli Lilly; Price Target, Estimates Up

Truist Securities revised its model for Eli Lilly (LLY.SW, LLY.F), raising its price target and earnings forecast for the pharmaceutical giant, as analysts anticipate a "beat and raise" second quarter. "We note strong US script growth (Zepbound/ Mounjaro) offset by [slower-than-expected Foundayo growth]. We maintain high conviction in Lilly's incretin portfolio. While current growth stems from Mounjaro/Zepbound, we see substantial potential for Foundayo, particularly in the international market, and retatrutide to expand the patient [base]. Despite record-shattering revenue, we believe the market remains conservative on the ultimate obesity [total addressable market] and believe LLY is well-positioned to capture additional market share over the next decade," according to a Wednesday note. Ahead of Eli Lilly's second-quarter results publication on Aug. 5, the research firm highlighted that its full-year 2026 total revenue projection of $85.6 billion surpasses management's guidance of between $82 billion and $85 billion, while its second-quarter total revenue estimate of $20.7 billion is in line with the consensus forecast of $20.5 billion. As Truist forecasts a full-year.