BofA points to the Eli Lilly market that could outsize the U.S. Peace Longe Sat, August 8, 2026 at 11:33 AM PDT 6 min read LLY BAC Eli Lilly ( LLY ) posted a second-quarter result strong enough to shift the debate around its stock. For months, the debate centered on one worry: a slow start for its new obesity pill. That worry did not disappear in the second quarter, but it stopped driving the conversation. Bank of America came out of the earnings call pointing to a different number. The bank thinks the obesity market outside the United States could eventually surpass U.S. sales of the same drugs. For anyone holding LLY or considering it, that international call is worth a closer look. Why Bank of America raised its Eli Lilly price target after the quarter Bank of America lifted its price objective on Eli Lilly (LLY) to $1,344 from $1,334 , according to a BofA Global Research report shared with me. The bank kept its math simple, applying an unchanged 28.5 times multiple to its updated 2027 underlying earnings estimate, which removes one-time research charges. More Health Care Stocks: UBS strongly resets Lilly stock target JPMorgan resets LLY stock target on drug demand Goldman Sachs sees writing on the wall for Eli Lilly stock That multiple sits above what BofA uses for other large drugmakers. Lilly is expanding faster than its peers, so the bank pays more for each dollar of future profit. The raise followed a second quarter that beat expectations. Lilly reported revenue of $23.0 billion , up 48% from a year earlier, and adjusted earnings of $8.38 a share against a $6.01 consensus, CNBC reported. Lilly also raised its full-year revenue forecast to $85 billion to $87 billion , up from $82 billion to $85 billion , according to a press release . The international obesity market that could outgrow the U.S. For years, the U.S. drove almost all of Lilly's obesity sales. That is changing quickly, and it is the shift BofA flagged for investors. The bank noted that GLP-1 sales in international obesity markets are now approaching parity with the U.S. GLP-1 drugs are a class of medicines, sold as injections and now pills, that treat diabetes and obesity by curbing appetite, BioPharma Dive reported. Mounjaro , Lilly's diabetes injection, grew 55% in Europe , 30%in Japan , and 93% in China last quarter. That growth is why BofA believes the non-U.S. opportunity could eventually surpass the home market, since most large countries have far more untreated patients than the U.S. does. Bank of America sees Eli Lilly's obesity franchise expanding faster overseas than at home.JHVEPhoto / Getty Images What the Foundayo launch abroad means for Lilly's next leg The clearest catalyst BofA cited is Foundayo , Lilly's oral GLP-1 pill. Foundayo matters because it's a pill, not a shot. That opens the drug to patients who won't take a weekly injection, a group Lilly's other treatments have never reached. Story Continues Related:...
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