Eli Lilly stock soars on earnings, 'off-the-charts' demand for weight-loss drugs

Shares of Eli Lilly (LLY) are soaring in Tuesday's trading session after the company raised its full-year guidance, driven by the surging demand for its offerings. BMO Capital Markets BioPharma Equity Research Managing Director Evan Seigerman joins the Morning Brief to discuss the stock's outlook.
Seigerman notes that "demand is off the charts" for the company, and the raised guidance supports the bullish outlook. Despite missing on revenue, the company beat profit expectations, bolstering Seigerman's optimism about the stock's future performance.
Addressing the competitive landscape Seigerman says it's "unlikely that any competitors are going to be out there in the next couple of years." Even if competitors enter the market, he believes Eli Lilly will continue advancing, giving them a distinct advantage.
Seigerman highlights that the company is becoming "more and more efficient," opening additional facilities to support the surging demand. However, he notes that demand is through the roof, making it challenging to keep up. The analyst adds that his price target for the company is $900, but the stock's performance will be "driven by how quickly they can ramp up supply because the demand is there."
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