On August 6, Eli Lilly rose 3.94% in regular trading, trading at $1199.545/share with turnover of $644 million, extending gains following its blockbuster Q2 earnings report.

On the news front, multiple Wall Street firms raised their price targets on August 6: Jefferies to $1440 from $1350, Morgan Stanley to $1419 from $1347, BMO to $1400 from $1300, and Wells Fargo to $1330 from $1280, all maintaining overweight or equivalent ratings. The consensus mean target now stands at $1,324.62.

The upgrades follow Eli Lilly's Q2 results released on August 5, which massively exceeded expectations. Revenue reached $22.97 billion, up 48% year-over-year and beating the $20.69 billion estimate. Adjusted EPS came in at $8.38, surpassing the $6.01 consensus by 39%. Mounjaro generated $9.9 billion in revenue, up 91% and beating the $8.83 billion estimate. The company raised full-year revenue guidance to $85-$87 billion from $82-$85 billion. Additionally, CVS Health announced a collaboration with Eli Lilly to expand GLP-1 medication access through transparent pricing and same-day pharmacy pickup.

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