Why Eli Lilly Stock Popped Today

Key Points

• Eli Lilly is now selling Mounjaro GLP-1 weight loss drugs in India.

• Rival Novo Nordisk began Indian Wegovy sales in June.

• Lilly is underpricing its rival in the Indian weight loss market.

• 10 stocks we like better than Eli Lilly ›

Shares of Eli Lilly (NYSE: LLY), a pharmaceuticals giant and maker of the Mounjaro GLP-1 weight loss drug, jumped 3.2% through 12:50 p.m. ET Wednesday after Reuters reported it's expanding its Mounjaro business in India. Additionally, Lilly got a new price target from Cantor Fitzgerald this morning.

But that news was both bad and good.

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Mounjaro goes to India

Let's start with the easy news: Eli Lilly has begun selling injector pens loaded with Mounjaro in India at a starting price of $160 for a 2.5 mg dose (rising through several tiers to about $315 for the largest permissible dose in India, 15 mg).

Reuters notes Lilly is chasing Novo Nordisk (NYSE: NVO) into the subcontinent, with Novo having begun injector pen sales in June. However, Novo's selling its GLP-1 weight loss drug, Wegovy, for anywhere from $200 to $300 for doses ranging from 0.25 to 2.4 mg.

Smaller doses of Wegovy yield weight loss similar to higher doses of Mounjaro, so comparisons between "mg" of Mounjaro and Wegovy aren't directly comparable. Still, Lilly's lower prices seem calculated to help win away market share from Novo.

What Cantor says about Lilly

Today's other big Lilly news comes from Cantor Fitzgerald by way of The Fly, which reports analyst Carter Gould has lowered his price target on Lilly stock to $825 -- but still thinks the stock is a buy.

Admitting Lilly's phase 3 data on its orforglipron GLP-1 weight loss pill was underwhelming, Gould calls Lilly stock a "show-me-story" now. The analyst advises we may not know whether orforglipron is a success before late 2026.

As for Lilly stock, at a forward P/E ratio of just 28, and with a 32% long-term projected earnings growth rate, I still think it's a buy.

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Rich Smith has no position in any of the stocks mentioned. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.