Lilly Stock Price Drops Amid Revenue Growth, Analysts See 45% Upside

Eli Lilly, a major pharmaceutical company, has seen its stock price drop by 8% over the last month despite reporting 48% revenue growth. This has led to Citi's $1,600 target implying roughly 45% upside from the current price of $1,114.90.

Citi analyst Geoff Meacham raised his target from $1,500 to $1,600 with a Buy rating, framing Lilly's incretin franchise as a structural, multi-year volume story. The bull thesis rests on three pillars: Mounjaro and Zepbound dominating the U.S. obesity prescriptions market, Foundeo expanding globally in 2027, and retatrutide filing for approval.

The broader analyst community backs this direction, with 6 Strong Buy, 18 Buy, 4 Hold, 1 Sell, and 1 Strong Sell ratings. Recent revisions skew positive, with fiscal 2027 EPS estimates rising from $44.49 to $47.26, and the 2026 quarter ending September 30 drawing 13 upward revisions against just one downward.

Lilly's gap to target is by far the widest among its peers, including Novo Nordisk and Merck. The company's operating results are strong, with four consecutive EPS beats, and Wall Street's revisions trending higher.