Company Update: Eli Lilly & Company (NYSE:LLY) – Lilly’s Once-Weekly Dulaglutide Shows Non-Inferiority to Liraglutide in Head-to-Head Phase III Trial for Type 2 Diabetes

Eli Lilly & Company (NYSE:LLY) [PR Newswire] – INDIANAPOLIS, Feb. 25, 2014 /PRNewswire/ — Eli Lilly and Company (LLY) today announced positive top-line results of the sixth AWARD (Assessment of Weekly AdministRation of LY2189265 in Diabetes) trial for once-weekly dulaglutide, an investigational, long-acting glucagon-like peptide 1 (GLP-1) receptor agonist being studied as a treatment for type 2 diabetes. In the AWARD-6 study, once-weekly dulaglutide 1.5 mg achieved the primary endpoint of non-inferiority to once-daily liraglutide 1.8 mg, as measured by the reduction of hemoglobin A1c (HbA1c) from baseline at 26 weeks. “Dulaglutide is the only GLP-1 agonist to show non-inferiority against liraglutide’s highest-approved dose in a Phase III trial,” said Enrique Conterno, president of Lilly Diabetes. “The AWARD-6 data, along with the previous five AWARD studies, give us confidence that dulaglutide can be an important treatment option for people with type 2 diabetes.
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Eli Lilly and Company (LLY), valued at $63.08B, started the session at $57.96.
Looking at today’s market, LLY one day range is $57.93 to $58.47 with the price of the stock fluctuating between $47.53 to $58.90 over the last 52 weeks.
LLY shares are currently priced at 20.58x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 11.59x forward p/e ratio.
And for income investors, the company pays shareholders $1.96 per share annually in dividends, yielding 3.40%.
In a review of the consensus earnings estimate this quarter, 13 sell-side analysts are looking at $0.69 per share, which would be $0.45 worse than the year-ago quarter and a $0.01 sequential decrease. The full-year EPS estimate is $2.82 which would be a $1.33 setback than last year’s full-year earnings.
The quarterly earnings estimate is predicated on a consensus revenue forecast of $4.75 Billion. If reported, that would be a 15.18% decrease over the year-ago quarter.
In terms of ratings, Barclays downgraded LLY from Equal Weight to Underweight (Jan 10, 2014). Previously, MKM Partners upgraded LLY from Neutral to Buy.
Investors should keep in mind is that the average price target is $57.24, which is 1.24% below where the stock opened this morning.
Eli Lilly & Company (NYSE:LLY), discovers, develops, manufactures and sells pharmaceutical products worldwide. The company distributes its products through independent wholesale distributors and directly to pharmacies. The company was founded in 1876 and is headquartered in Indianapolis, Indiana.
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