Buoyed by New Drugs and Expense Controls, Lilly Posts Strong 1Q Results and Looks Undervalued
Eli Lilly posted strong first-quarter results, ahead of both our expectations and those of consensus, but we don’t expect a major shift in our fair value estimate based on the minor outperformance. We continue to see Lilly as undervalued, with the investment community not fully appreciating the company’s new product launches and the projected long-term margin improvements. Also, the company’s strong recent drug launches continue to support our wide moat rating for the firm.On the top line, tota...
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