Jim Cramer Admits Surprise at Eli Lilly's Rally After Strong GLP-1 Results

Eli Lilly and Company (NYSE:LLY) is one of the stocks Jim Cramer spoke about recently. Cramer discussed the company’s GLP-1 drug revenue and the stock’s rally, as he commented:

“Or how about the drug companies? Holy cow, remember them? They used to be big and important, weren’t they? Eli Lilly reported this morning, and their GLP-1 complex, you know, the weight loss diabetes thing, made a billion dollars more than Wall Street expected. That’s tech-like. When I first saw it, I was thinking, okay, the market won’t care. Big yawner. We own Lilly for the trust, we believe in it, but we feel like we’re dopes lately.

But you know what? I knew that Dave Ricks, the CEO, was going to be on Squawk on the Street. I said, hey, listen, maybe something good will happen here… maybe, I’m too jaded, right? I just assumed nobody will care because it’s pharma, a group that nobody seems to want in this environment. Apparently, I was wrong. That’s right. Eli Lilly’s stock rallied nearly 4% today. I think we have Meta’s weakness to thank for that gain.”

Eli Lilly and Company (NYSE:LLY) develops and markets pharmaceuticals for diabetes, obesity, oncology, immunology, and neurological disorders.

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Disclosure: None. This article is originally published at Insider Monkey.