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<ul class="summary-list"><li>The investment arm of the Mormon church revealed its stock holdings in a 13F filing last week.</li><li>The church has amassed a portfolio of individual stocks worth $55 billion.</li></ul>The Church of Jesus Christ of Latter-day Saints has an investment portfolio of over $100 billion that includes $55 billion invested in publicly traded stocks.The portfolio is registered with the Securities and Exchange Commission under the name Ensign Peak Advisors, and its <a target="_blank" href="https://www.businessinsider.com/mormon-church-settlement-allegations-hid-billions-investment-fund-2023-2">ties to the church</a> were largely unknown until just a few years ago.The portfolio wasn't revealed to the public until 2019, when a former Ensign Peak employee filed a whistleblower complaint, alleging that the fund shouldn't have tax-exempt status because it doesn't engage in any charitable activities.In a "60 Minutes" special last year, the whistleblower said the church's investment arm <a target="_blank" href="https://markets.businessinsider.com/news/stocks/mormon-church-hedge-fund-investment-charity-whistleblower-60-minutes-nielsen-2023-5?_gl=1*oj9kna*_ga*MTc1OTYzMjQ2Mi4xNjYxOTYxNTUx*_ga_E21CV80ZCZ*MTY4NDE3NzA0Ny4xMzIuMC4xNjg0MTc3MDQ3LjYwLjAuMA..">acted as a "clandestine hedge fund" disguised as a charity</a>.The church, widely known as the Mormon church, reports its stock holdings every quarter, and a recent 13F filing revealed its top holdings as of June 30.During the quarter, the fund added to its mega-cap technology stocks and bought more shares of Broadcom, which is the latest AI stock to enter its top 10 holdings.These are the church's top 10 stock holdings at the end of the second quarter, as well as the changes in each position.10. JPMorgan<div type="image" title="JPMorgan Chase &amp; Co." height="1000" width="2000" msid="112633095" hostid="261" sizebytes="60230"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/jpm-stock">JPM</a> Market Value: $752.7 million Change in Shares: -131,104 (-3%)9. Eli Lilly<div type="image" title="FILE PHOTO: The logo of Lilly on a wall of Lilly France, part of Eli Lilly and Co, in Fegersheim near Strasbourg, France, February 1, 2018. REUTERS/Vincent Kessler" height="1750" width="3500" msid="112633100" hostid="261" sizebytes="257018"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/lly-stock">LLY</a> Market Value: $807.5 million Change in Shares: -35,339 (-4%)8. Broadcom<div type="image" title="Broadcom" height="452" width="904" msid="112633094" hostid="261" sizebytes="23382"></div>Ticker: <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/avgo-stock">AVGO</a> Market Value: $842.2 million Change in Shares: +841,960 (+19%)7. UnitedHealth Group<div type="image" title="UnitedHealth Group logo" height="1000" width="2000" msid="112633102" hostid="261" sizebytes="65210"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/unh-stock">UNH</a> Market Value: $858.3 million Change in Shares: +45,481 (+3%)6. Meta Platforms<div type="image" title="Meta sign" height="1000" width="2000" msid="112633106" hostid="261" sizebytes="102450"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/meta-stock">META</a> Market Value: $1.63 billion Change in Shares: -112,945 (-3%)5. Amazon<div type="image" title="Amazon CEO Andy Jassy" height="1000" width="2000" msid="112633109" hostid="261" sizebytes="135614"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/amzn-stock">AMZN</a> Market Value: $1.83 billion Change in Shares: -235,110 (-2%)4. Alphabet<div type="image" title="Google apps such as Gmail, Drive, Play Store, Maps, and Chrome are displayed on a smartphone with the Alphabet and Google logos visible in the background." height="1000" width="2000" msid="112633096" hostid="261" sizebytes="52000"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/googl-stock">GOOGL</a> &amp; <a target="_blank" href="https://markets.businessinsider.com/stocks/goog-stock">GOOG</a> Market Value: $2.23 billion Change in GOOGL and GOOG Shares: -315,797 (-4%) and -377,083 (-10%)3. Apple<div type="image" title="One of the first customers to buy a new iPhone 7 in September 2016." height="1500" width="3000" msid="112633104" hostid="261" sizebytes="86294"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/aapl-stock">AAPL</a> Market Value: $3.06 billion Change in Shares: -778,210 (-5%)2. Nvidia<div type="image" title="Nvidia logo with a shadow of a person on a laptop in front of it" height="2500" width="5000" msid="112633098" hostid="261" sizebytes="125960"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/nvda-stock">NVDA</a> Market Value: $3.30 billion Change in Shares: -457,121 (-2%)1. Microsoft<div type="image" title="Microsoft store" height="1000" width="2000" msid="112633108" hostid="261" sizebytes="130406"></div>Ticker: <a target="_blank" href="https://markets.businessinsider.com/stocks/msft-stock">MSFT</a> Market Value: $3.41 billion Change in Shares: -404,472 (-5%)

The top 10 holdings of the Mormon church's $55 billion stock portfolio include a new AI stock

<ul class="summary-list"><li>Eli Lilly stock surged 14% after delivering a strong earnings report driven by its GLP-1 drugs.</li><li>The company saw significant sales growth from Mounjaro and Zepbound, boosting revenue, EPS, and guidance.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/META-stock">Eli Lilly</a> stock soared as much as 14% on Thursday after the pharma giant reported a solid second-quarter earnings beat driven by its popular GLP-1 weight loss drugs.The company has raced to bring on more supply for its tirzepatide-based drugs, Zepbound and Mounjaro, and those efforts are starting to pay off.Here were the key second-quarter numbers:<ul><li>Revenue: $11.30 billion, versus analyst estimates of $9.98 billion</li><li>Adjusted EPS: $3.92, versus analyst estimates of $2.76</li><li>2024 revenue outlook: $45.4 billion to $46.6 billion, versus previous guidance of $42.4 billion to $43.6 billion</li><li>2024 adjusted EPS outlook: $16.10 to $16.60, versus analyst estimates of $13.71</li></ul>"Mounjaro, Zepbound, and Verzenio led our strong financial performance in the second quarter as we advanced our manufacturing expansion agenda," CEO David Ricks said.Mounjaro, which is indicated for Type II Diabetes, generated sales of $3.1 billion in the quarter, representing year-over-year growth of about 215% and ahead of analyst expectations of $2.4 billion.Zepbound, which is indicated for weight-loss, generated sales of $1.2 billion in the quarter. The drug was launched in the fourth-quarter of 2023.In an interview with CNBC on Thursday, Ricks said much of the demand for its weight-loss drugs is organic, driven by consumer interest."We just see unbelievable demand, and we're not even trying that hard to promote this drug. We're not advertising, we told our sales reps to basically just service customers, don't promote. And what you're seeing is just consumer organic demand here as we've shipped more product, as we bring more supply online in the United States," Ricks said.JPMorgan, which rates Eli Lilly at "Overweight" with a $1,000 price target, was impressed by the results."LLY remains one of our favorite names in the group as we see further upside to Street estimates as injectable capacity ramps, orforglipron comes to market and outcomes data supports broad use of obesity medications," JPMorgan said in a note on Thursday.Orfoglipron is Eli Lilly's pill-based GLP-1 drug that is still undergoing clinical trials.

'Unbelievable demand' for weight-loss drugs sends Eli Lilly stock soaring 14% after earnings 

<ul class="summary-list"><li>The investment arm of the Mormon church revealed some of its holdings in a 13F filing Wednesday.</li><li>The church has amassed a portfolio of individual stocks worth $55 billion.</li></ul>The Church of Jesus Christ of Latter-day Saints has an investment portfolio of over $100 billion that includes $55 billion invested in publicly traded stocks.The portfolio is registered with the Securities and Exchange Commission under the name Ensign Peak Advisors, and its <a href="https://www.businessinsider.com/mormon-church-settlement-allegations-hid-billions-investment-fund-2023-2">ties to the church</a> were largely unknown until just a few years ago.The portfolio wasn't revealed to the public until 2019, when a former Ensign Peak employee filed a whistleblower complaint, alleging that the fund shouldn't have tax-exempt status because it doesn't engage in any charitable activities.In a "60 Minutes" special last year, the whistleblower said the church's investment arm <a href="https://markets.businessinsider.com/news/stocks/mormon-church-hedge-fund-investment-charity-whistleblower-60-minutes-nielsen-2023-5?_gl=1*oj9kna*_ga*MTc1OTYzMjQ2Mi4xNjYxOTYxNTUx*_ga_E21CV80ZCZ*MTY4NDE3NzA0Ny4xMzIuMC4xNjg0MTc3MDQ3LjYwLjAuMA..">acted as a "clandestine hedge fund" disguised as a charity</a>.The church, widely known as the Mormon church, reports its stock holdings on a quarterly basis, and a recent 13F filing revealed its top holdings as of March 31. During the quarter, the fund added to its in mega-cap technology stocks and benefited from a stock market that hit record highs.These are the church's top 10 stock holdings at the end of the fourth quarter, as well as the changes in each position.10. Eli Lilly<div type="image" title="eli lilly drugmaker" height="1750" width="3500" msid="110153695" hostid="261" sizebytes="169570"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/lly-stock">LLY</a> Market Value: $721.4 million Change in Shares: +221,327 (+31%)9. JPMorgan<div type="image" title="A black and white silhouette of people with the JPMorgan logo" height="1560" width="3120" msid="110153696" hostid="261" sizebytes="62858"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPM</a> Market Value: $771.7 million Change in Shares: -231,976 (-6%)8. UnitedHealth Group <div type="image" title="A UnitedHealth Group health insurance card is seen in a wallet in this picture illustration October 14, 2019. REUTERS/Lucy Nicholson/Illustration" height="2016" width="4032" msid="110153698" hostid="261" sizebytes="363888"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/unh-stock">UNH</a> Market Value: $811.3 million Change in Shares: -46,678 (-3%)7. Mastercard<div type="image" title="Mastercard" height="1000" width="2000" msid="110153700" hostid="261" sizebytes="51028"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/ma-stock">MA</a> Market Value: $900.5 million Change in Shares: +15,727 (+1%)6. Meta Platforms<div type="image" title="Meta" height="2499" width="5000" msid="110153701" hostid="261" sizebytes="418390"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/meta-stock">META</a> Market Value: $1.63 billion Change in Shares: +130,061 (+4%)5. Amazon<div type="image" title="Amazon" height="2899" width="5800" msid="110153704" hostid="261" sizebytes="360344"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/amzn-stock">AMZN</a> Market Value: $1.75 billion Change in Shares: +457,246 (+5%)4. Alphabet<div type="image" title="A Google logo on a pair of glass doors." height="1704" width="3408" msid="110153705" hostid="261" sizebytes="197496"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/googl-stock">GOOGL</a> &amp; <a href="https://markets.businessinsider.com/stocks/goog-stock">GOOG</a> Market Value: $1.95 billion Change in GOOGL and GOOG Shares: +263,648 (+3%) and +118,983 (+3%) 3. Nvidia<div type="image" title="Jensen Huang Nvidia" height="512" width="1024" msid="110153706" hostid="261" sizebytes="27508"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/nvda-stock">NVDA</a> Market Value: $2.45 billion Change in Shares: +71,876 (+3%)2. Apple<div type="image" title="iphone 8 plus iphone x apple" height="1500" width="3000" msid="110153707" hostid="261" sizebytes="314692"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/aapl-stock">AAPL</a> Market Value: $2.63 billion Change in Shares: +404,275 (+3%)1. Microsoft<div type="image" title="Satya Nadella, CEO of Microsoft." height="3120" width="6240" msid="110153708" hostid="261" sizebytes="218604"></div>Ticker: <a href="https://markets.businessinsider.com/stocks/msft-stock">MSFT</a> Market Value: $3.38 billion Change in Shares: +148,061 (+2%)

These are the top 10 holdings of the Mormon church's $55 billion stock portfolio

<ul><li><a href="https://markets.businessinsider.com/stocks/lly-stock">Eli Lilly</a> rallied as much as 13.8% on Monday after announcing its experimental <keyword id="24487" type="PERSON" weightage="60" keywordseo="Alzheimers">Alzheimer's</keyword> drug significantly slowed the rate of decline in patients.</li><li>The drug slowed the decline in patients' ability to think by 32% compared to a placebo in the phase 2 trial, according to a <a href="https://investor.lilly.com/news-releases/news-release-details/lillys-donanemab-slows-clinical-decline-alzheimers-disease">press release</a>.</li><li>Lilly will present full trial results at a future meeting and submitted data for publication in a peer-reviewed journal.</li><li><a href="https://markets.businessinsider.com/stocks/lly-stock">Watch Eli Lilly trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/lly-stock">Eli Lilly</a> soared as much as 13.8% on Monday after the pharmaceutical giant revealed its experimental Alzheimer's drug slowed the rate of decline in trial patients.The drug, called donanemab, slowed the decline of patients' ability to think by 32% compared to a placebo, the company said in a <a href="https://investor.lilly.com/news-releases/news-release-details/lillys-donanemab-slows-clinical-decline-alzheimers-disease">press release</a>. If the drug is as effective as the study suggests, donanemab could be the first Alzheimer's drug to show positive results in a phase 2 trial, according to <a href="https://www.nytimes.com/2021/01/11/health/alzheimers-amyloid-lilly.html">The New York Times</a>.The study included 272 patients and studied patients' declines over two years. The drug's primary goal was to show a significant slowing of decline in a composite measure of cognition and daily function over 18 months.Full trial results are set to be presented at a future meeting and submitted for publication in a peer-reviewed clinical journal. Lilly will continue to research the drug's effectiveness in a 500-patient trial.Read more: <a href="https://www.businessinsider.com/etfs-to-buy-picks-predictions-ark-bitcoin-cannabis-geraci-2021-2021-1">An ETF expert breaks down his top 5 predictions for the industry in 2021 - including 4 funds that are among the best to buy, and why ARK Invest won't be able to repeat its dominance</a>The news pushed Lilly shares to a record high. The company's shares are up about 9% year-to-date.Participants were weaned off of the drug and onto a placebo once brain plaques cleared, according to the company. Plaques were removed in six to 12 months, The Times reported.Donanemab also showed consistent improvement in secondary indicators tracking cognition and function, but didn't reach the threshold to be deemed statistically significant, Lilly said.<keyword id="47008" type="COMPANY" weightage="60" keywordseo="Eli-Lilly">Eli Lilly</keyword> traded at $184.89 as of 1:55 p.m. ET Monday. The company has eight "buy" ratings and six "hold" ratings from analysts.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/facebook-stock-price-president-trump-ban-capital-riots-zuckerberg-fb-2021-1-1029956600">Facebook sees $34 billion erased from market cap as Trump-ban fallout continues to spook tech investors</a><a href="https://markets.businessinsider.com/currencies/news/bitcoin-etf-approval-impact-btc-price-plunge-cryptocurrency-grayscale-jpmorgan-2021-1-1029955801">Here's why the approval of a US bitcoin ETF would send the cryptocurrency tumbling in the near term, according to JPMorgan</a><a href="https://www.businessinsider.com/stock-picks-to-buy-strongest-sales-growth-2021-goldman-sachs-2021-1">Goldman Sachs says to buy these 29 stocks poised to deliver the strongest sales growth through year-end</a><a href="https://markets.businessinsider.com/stocks/lly-stock"><div type="image" title="LLY" height="1084" width="1418" msid="80221906" hostid="261"></div></a>

Eli Lilly rockets 14% after experimental Alzheimer's drug slows rate of decline in trial

<ul><li><a href="https://markets.businessinsider.com/stocks/prvl-stock">Prevail Therapeutics</a> rallied as much as 86% in early Tuesday trading after <a href="https://markets.businessinsider.com/stocks/lly-stock">Eli Lilly</a> announced it will buy the firm for up to $1 billion.</li><li>The pharmaceutical giant will pay $22.50 per share for Prevail. A non-tradable contingent value right can be worth up to an additional $4 per share and hinges on a Prevail product winning regulatory approval.</li><li>The acquisition is expected to close in the first quarter of 2021, according to a <a href="https://www.prnewswire.com/news-releases/lilly-announces-agreement-to-acquire-prevail-therapeutics-301192753.html">press release</a>.</li><li>Prevail's gene therapy programs target patients with Parkinson's disease, frontotemporal dementia, and other neurodegenerative diseases.</li><li>Watch <a href="https://markets.businessinsider.com/stocks/prvl-stock">Prevail Therapeutics</a> trade live here.</li></ul><a href="https://markets.businessinsider.com/stocks/prvl-stock">Prevail Therapeutics</a> soared as much as 86% in early Tuesday trading after pharmaceutical giant <a href="https://markets.businessinsider.com/stocks/lly-stock">Eli Lilly</a> announced plans to purchase the gene therapy firm.The deal leaves <keyword id="47008" type="COMPANY" weightage="60" keywordseo="Eli-Lilly">Eli Lilly</keyword> to pay $22.50 per share as well as one non-tradable contingent value right worth up to $4 per share for Prevail. The contingent value right is to be paid upon the first regulatory approval of a Prevail product, according to a <a href="https://www.prnewswire.com/news-releases/lilly-announces-agreement-to-acquire-prevail-therapeutics-301192753.html">press release</a>. Should the additional payment reach the $4-per-share maximum, Eli Lilly's acquisition will value Prevail at roughly $1 billion. The transaction is expected to close in the first quarter of 2021.Prevail shares closed at $12.50 on Monday. Eli Lilly climbed as much as 2.4% in early trading.Read more: <a href="https://www.businessinsider.com/stock-picks-covid-19-vaccine-manufacturers-distributors-deliverers-benefit-bofa-2020-12">Bank of America highlights the 10 stocks of COVID-19 vaccine manufacturers, deliverers, and distributors set to benefit as the immunization effort gets underway</a>Prevail's gene therapy programs offer a new pathway for drug discovery and development to Eli Lilly, the pharma company said. The leading programs target patients with Parkinson's disease, neuronopathic Gaucher disease, and frontotemporal dementia. Its preclinical pipeline includes therapies for Alzheimer's disease, amyotrophic lateral sclerosis, and other neurodegenerative diseases.Eli Lilly also revealed improved guidance for the full year and 2021. Strong demand for its products is expected to drive annual sales between $24.2 billion and $24.7 billion, according to a <a href="https://www.sec.gov/Archives/edgar/data/59478/000005947820000190/0000059478-20-000190-index.htm">regulatory filing</a>. Revenue is expected to land between $26.5 billion and $28 billion in 2021. Earnings per share are projected to be between $6.28 and $6.48 this year, and between $7.25 and $7.90 in 2021.Lazard will serve as Eli Lilly's sole financial advisor for the acquisition. Centerview Partners will be Prevail's financial advisor.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/fed-fomc-december-meeting-preview-asset-purchase-policy-guidance-jpmorgan-2020-12">The upcoming Fed meeting could shed light on when policymakers will unwind key relief measures</a><a href="https://markets.businessinsider.com/news/stocks/jpmorgan-investing-product-etf-tech-stocks-tesla-arkw-arkk-arkg-2020-12-1029891048">JPMorgan rolls out a supercharged tech trade designed to amplify gains in stocks like Tesla, report says</a><a href="https://www.businessinsider.com/barbara-ann-bernard-explains-warren-buffett-appeal-tech-stocks-bargains-2020-12">Value investor Barbara Ann Bernard explains Warren Buffett's unique appeal, why tech stocks have soared, and where she's finding bargains</a><a href="https://markets.businessinsider.com/stocks/prvl-stock"><div type="image" title="PRVL" height="1236" width="1426" msid="79742771" hostid="261"></div></a>

Prevail Therapeutics surges 86% on news of a $1 billion buyout by Eli Lilly

<ul><li>Eli Lilly stock surged as much as 8% on Tuesday after the company's first-quarter earnings report.</li><li>The world's biggest healthcare company said it experienced surging demand for its GLP-1 Zepbound weight loss drug.</li><li>Eli Lilly raised its 2024 revenue guidance, suggesting that the supply shortage of its weight loss drug may soon ease.</li></ul><a href="https://markets.businessinsider.com/stocks/lly-stock?miRedirects=1">Eli Lilly</a> shares surged as much as 8% on Tuesday after the world's largest healthcare company reported first-quarter earnings.The company's earnings report was mixed, with earnings per share beating estimates while revenue was light, but encouragingly to investors, the company raised its 2024 revenue guidance.The results showed soaring demand for its GLP-1 weight loss drug Zepbound, and the revenue guidance increase suggests <a href="https://www.businessinsider.com/weight-loss-glp-1-drugs-ozempic-wegovy-mounjaro-effects-future-2023-12">that ongoing supply shortages of the drug</a> may soon ease.Here are the key numbers:<ul><li>Adjusted earnings per share: $2.58, versus analyst estimates of $2.49</li><li>Revenue: $8.77 billion, versus analyst estimates of $8.93 billion</li><li>2024 revenue guidance: $42.4 billion to $43.6 billion, representing a $2 billion increase</li><li>2024 earnings per share guidance: $13.05 to $13.55, representing a $1.25 increase</li></ul>"Our progress in addressing some of the world's most significant health care challenges has resulted in increased demand for our medicines. As we continue to make pipeline investments that position us for future growth, we are rapidly expanding manufacturing capacity to make our incretin medicines available to more patients," Eli Lilly CEO David Ricks said.Eli Lilly's stock surge on Tuesday added as much as $51 billion to its market value to $751 billion, making it the eighth largest company in America. The first-quarter was the first full quarter for sales of Zepbound, which is a GLP-1 drug indicated for treating weight loss and was launched in November. Sales of the drug surged to $517.4 million, while Mounjaro, which uses the same active ingredient as Zepbound but is indicated for the treatment of type 2 diabetes, saw sales of $1.8 billion.According to <a href="https://markets.businessinsider.com/stocks/jpm-stock?miRedirects=1">JPMorgan</a>, sales of Zepbound exceeded its own estimates, partly driven by an increase in insurance acceptance of the drug."We have approximately 67% access in the commercial segment," Eli Lilly CFO Anat Ashkenazi said on the company's earnings call.Eli Lilly said it expects to see supply constraints ease in the second half of the year considerably, leading to an increase in available doses of its highly popular weight loss drugs. But even that may not be enough to meet demand."While we are working tirelessly to ramp supply and expect meaningful increases in shipment volumes in the second half of the year, demand continues to outstrip even increased supply," Ashkenazi said.JPMorgan reiterated its "Overweight" rating on Eli Lilly stock following the earnings report."More broadly on the story, LLY remains one of our favorite names in the group, as we see further upside to Street estimates as Mounjaro continues to ramp and Zepbound fully launches as well as a number of additional incretin datapoints ahead," JPMorgan said in a note on Tuesday.Eli Lilly is looking to expand its indications of Zepbound <a href="https://markets.businessinsider.com/news/stocks/ozempic-wegovy-glp1-weight-loss-drugs-stock-market-winners-losers-2023-9">so it can treat more health problems, including sleep apnea.</a>While the stock is trading near its all-time highs, JPMorgan isn't too concerned about its premium valuation just yet."And while shares trade at a significant premium to peers, we see unprecedented growth for LLY over the next decade with the company's incretin franchise reaching $60bn+ by 2030 and continuing to grow from there," JPMorgan said.

Eli Lilly soars 8% after Q1 earnings reveal surging popularity for its Zepbound weight-loss drug

<ul><li>Eli Lilly hit another record high on Tuesday and hit a $700 billion valuation for the first time ever.</li><li>The surge came after the company reported fourth quarter earnings, which showed massive growth for its weight loss drugs.</li><li>Here's what Wall Street is saying about Eli Lilly's earnings results.</li></ul><a href="https://markets.businessinsider.com/stocks/lly-stock?miRedirects=1">Eli Lilly</a> stock hit a new record high on Tuesday, rising as much as 5% to $742 per share after the company reported better than expected <a href="https://investor.lilly.com/news-releases/news-release-details/lilly-reports-strong-fourth-quarter-2023-financial-results-and" target="_blank" rel="noopener">fourth quarter earnings.</a>The surge briefly catapulted Eli Lilly to a valuation of $703 billion, making it the eighth biggest company in the <a href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a>, about $150 billion behind <a href="https://markets.businessinsider.com/stocks/brk-b-stock">Berkshire Hathaway</a> and $120 billion ahead of <a href="https://markets.businessinsider.com/stocks/tsla-stock?miRedirects=1">Tesla</a>.Eli Lilly stock has since given up all of those gains and is down about 0.5% during the Tuesday trading session.But Eli Lilly has <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-ozempic-wegovy-glp1-weight-loss-drugs-investing-2023-10">soared more than 100% over the past year thanks to its fast-growing GLP-1 drug,</a> which helps spur <a href="https://www.businessinsider.com/doctor-mounjaro-effective-weight-loss-drug-stigma-wrong-2024-1">considerable weight loss</a> in patients.The drug, tirzepatide, is approved for patients suffering from type 2 diabetes <a href="https://www.businessinsider.com/doctor-mounjaro-effective-weight-loss-drug-stigma-wrong-2024-1">under the Mounjaro brand name</a> and is approved for adults suffering from obesity under the Zepbound brand name.Here are the key results from Eli Lilly's fourth quarter earnings:<ul><li>Revenue: $9.35 billion, vs analyst estimates of $8.97 billion</li><li>Adjusted EPS: $2.49, vs analyst estimates of $2.37</li><li>Mounjaro sales: $2.2 billion, vs analyst estimates of $1.8 billion</li><li>Zepbound sales: $175.8 million, vs analyst estimates of $140.7 million</li></ul>Eli Lilly also offered 2024 revenue guidance of $40.4 billion to $41.6 billion, which was ahead of analyst estimates of $39.1 billion. Here's what Wall Street is saying about Eli Lilly's earnings results. <h3>JPMorgan: 'Solid quarter with Mounjaro upside'</h3>JPMorgan was impressed by Eli Lilly's results and noted that the company's update indicates more upside ahead."Overall, we see this update as a clear positive – the company's incretin franchise continues to trend ahead of our/Street expectations, and LLY is using this upside to ramp investment in its pipeline. While this will weigh on near-term EPS, LLY has one of the most innovative portfolios in the group, and we see these investments translating to significant longer-term growth," JPMorgan said in a note on Tuesday.JPMorgan also called Eli Lilly "one of our favorite names as we see further upside to Street estimates as Mounjaro continues to ramp, Zepbound fully launches in 2024, and with donanemab potentially representing another growth opportunity in 2025+."Donanemab is Eli Lilly's drug candidate for the treatment of Alzheimer's. It is still navigating the regulatory pathway to FDA approval.JPMorgan rates Eli Lilly at "Overweight" with a $650 price target. <h3>Mizuho: 'We haven't scratched the surface in terms of how big the drugs are going to get.'</h3>Mizuho healthcare strategist Jared Holz told CNBC on Tuesday that Eli Lilly's earnings report reinforced just how strong their GLP-1 drug franchise is."This is a company that typically guides fairly conservatively, they came in ahead of the Street, I think that's a very good sign. I think the supply and demand imbalance [for GLP-1 drugs] favors the company," Holz said. Holz said Mounjaro and Zepbound still have a long growth runway because the drugs have yet to reach the people who need them most."I don't even think the [GLP-1] drugs are really in the majority of America yet. I think this is pretty much a metropolitan-area drug for the most part. New York, Miami, LA, Dallas are the four cities I've been talking about a lot, but middle America, I don't even think [it's] close," Holz said.To meet demand, Eli Lilly has earmarked $3 billion to build out its manufacturing capacity, which, combined with Novo Nordisk's manufacturing expansion for its competing GLP-1 drug, makes this "the most substantial manufacturing or capacity buildout we've seen in the drug industry maybe ever," Holz said.Holz reiterated his view that Eli Lilly's GLP-1 drugs will become one of the best-selling drugs of all time."We haven't scratched the surface in terms of how big the drugs are going to get," Holz said.

Eli Lilly rides the weight-loss-drug wave to a new record high, and is now worth more than $700 billion

<ul><li><keyword id="47008" type="COMPANY" weightage="60" keywordseo="Eli-Lilly">Eli Lilly</keyword> soared 14% on Tuesday after it announced that its breast cancer drug Verzenio was successful in meeting its primary endpoint in a Phase 3 trial.</li><li>Verzenio was successful in preventing the recurrence of breast cancer for patients.</li><li><keyword id="44612" type="CITY" weightage="60" keywordseo="Pfizer">Pfizer</keyword> announced in late May that its competing drug Ibrance failed a similar trial in preventing the recurrence of breast cancer among patients, potentially boosting doctors' favorability of Verzenio over Ibrance.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/lly-stock">Eli Lilly</a> soared as much as 14% on Tuesday after it <a href="https://www.prnewswire.com/news-releases/verzenio-abemaciclib-significantly-reduced-the-risk-of-cancer-returning-in-people-with-high-risk-hr-her2--early-breast-cancer-301077315.html">announced</a> that its breast cancer drug Verzenio in combination with endocrine therapy was successful in preventing the recurrence of breast cancer for patients in an open-label Phase 3 trial.Verzenio was originally approved in 2017 for treating certain forms of advanced breast cancer, and its revenue more than doubled to $579 million in 2019. Verzenio achieved its primary endpoint of invasive disease-free survival, and also demonstrated a significant decrease in the risk of breast cancer recurrence or death compared to the standard therapy alone. In a similar trial that was halted by <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a> in late May, Pfizer's competing drug Ibrance failed to meet its endpoint of improving survival rates for breast cancer patients. The win by Eli Lilly, and the miss by Pfizer, may boost doctors' favorability of Verzenio over Ibrance, which could potentially boost sales of Verzenio and elongate its trajectory of growth.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-companies-with-earnings-upside-goldman-2020-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 9 dirt-cheap stocks now before their share prices catch up to their strong earnings upside</a>Anne White, president of Lilly Oncology, said, "[Verzenio trial results represent] a major milestone with the potential to change the paradigm of how early breast cancer is treated ... The fact that these results were achieved early, at the interim analysis, is also exciting because it will help us speed this innovation to the people who need it."The company plans to submit the data to regulatory authorities before the end of 2020.After the news was announced, Goldman Sachs reiterated its buy rating with a $186 price target on Eli Lilly, representing potential upside of 15% from current levels.The bank commented, "with positive monarchE Ph3 data in hand for Verzenio we see upside risk to our LLY estimates ... we reiterate our Buy rating on LLY as the company has a favorable growth profile relative to peers, has limited exposure to near-term loss of exclusivity, significant pipeline optionality, and a 2% dividend yield, which is deserving of a premium multiple."Shares of Eli Lilly traded up as much as 15.4% to $163.40, while shares of Pfizer traded down as much as 1.9% to $32.72 in Tuesday trades.<div type="image" title="eli lilly chart.JPG" height="714" width="1033" msid="76412012" hostid="261"></div>

Eli Lilly soars 15% after its breast cancer drug shows efficacy where a treatment from Pfizer failed

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersTraders work on the floor of the NYSE</div></div></div>Via Dave Lutz at JonesTrading, here's a quick guide to what traders are chattering about on Thursday morning:Good Morning! US Futures have surrendered overnight gains of nearly 1% despite some solid earnings reports (FB up 11%, BABA 7%, F 3%) as European markets dive deeper in the red. We have the DAX and STOXX off 1.7% with every major sector in the red - not even higher Oil prices is helping Energy stay green. FX skews remain in the spotlight after AAPL y'day, with the strong Swissie killing Roche #s, weighing on the overall healthcare sector. The still HATE the Financials overseas, with EU Banks off nearly 3% and several Italian banks are limit down. In London, the FTSE was quickly rejected from 6000, with only the Miners strong on the FTSE with Anglo up 10% on headlines. Volumes are pacing slightly heavier than what we have seen thus far in 2016 on average. In Asia, Chinese stocks closed at a fresh one-year low overnight after another round of panic selling- Shanghai lost almost 3% as steel, telecommunication and computer service sectors led the decline, while Japan lost 70bp ahead of the BoJ and Aussie gained 60bp as resource stocks continued to see a cover. While Samsung #s weighed in Korea, the KOSPI closed well bid and Emerging Markets finished at a 2week high. I am seeing some Haven buying early, with the 10YY back under 2% in the states, following German Yields south. Gold is picking its head up, nearing unchanged after overnight weakness, while the Euro is seeing a bid as leverage is drawn-down. Keep an eye on the Yen - Stunning it remains near $/Y 119 as Japan's economy minister resigned due to scandal - The Doves are firmly in charge in Tokyo and Kuroda may not be able to satisfy their demands. The DXY is lower as Fed Funds show only a 16% of a March Hike, down from 33% pre-Fed yesterday. The Oil complex is holding yesterday's gains as headers persist of a OPEC/Russia meeting next month - while the cover bid has vanished from Natty as yesterday's expiry action fades and warmer weather is projected. The Metals are mixed, with Gold and Platinum higher, but copper reversing this week's china-induced gains. Softs are weaker across the board. Ahead of us today, we get Weekly Jobless Claims and Durable Goods Orders at 8:30, ahead of the Pending Home Sales data at 10. 10:30 brings us Natty gas Inventory data - and at 1pm the US Treasury auctions off $29B in 7Y Notes. Earnings remains in focus (ABT, BMY, CELG, LLY / BX, IVZ, TROW / BABA, TWC / POT / CAT, F, JBLU / UA, MO. HSY / BHI pre open - while we get AMGN / AMZN, ERTS, MSFT, KLAC, WDC / V tonight). Down in Washington, we have a Senate Finance Cmte hearing on retirement savings plans at 9:30, and a Senate Health, Education, Labor and Pensions Cmte hearing on generic drug user fee amendments and access to generic drug at 10. We have no Fed speakers - attention firmly on tomorrow afternoon where Fed's Williams gives a forecast speech in San Francisco. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/reasons-men-cheat-research-adultery-gary-neuman-2016-1">Research reveals why men cheat - and it's not what you think</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="9vdnlycjo8Di2vj5XaYNQCb3Cc2NYbee" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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