Eli Lilly and Company's (LLY) strong incretin performance supports its long-term growth outlook, though pricing dynamics and one-off events could temper revenue growth in the second half of 2026, Truist said in a Thursday note.

The brokerage said Lilly's commercial contracting strategy should continue allowing pricing concessions that are more than offset by volume gains.

It also said the US incretin portfolio still has room to grow, supported by the Medicare Bridge program, expanded formulary access through CVS Caremark and increased direct-to-consumer marketing.

Truist expects Lilly's 2026 revenue to reach $87.3 billion, above the company's $85 billion to $87 billion guidance range.

The investment firm said Lilly's full-year guidance appears conservative given strong second-quarter incretin volume growth and initiatives including broader commercial coverage, Medicare expansion and international market penetration.

Truist reiterated its buy rating on the stock and raised its price target to $1,376 from $1,370.

Price: 1187.15, Change: +17.29, Percent Change: +1.48