Eli Lilly Receives FDA Approval for Alzheimer's Drug Kisunla on Tuesday, Stock Nears $1 Trillion

Jul 3, 2024, 06:10 AM

Eli Lilly & Co. has received approval from the U.S. Food and Drug Administration (FDA) on Tuesday for its new amyloid-targeting therapy, Kisunla, to treat adults with early symptomatic Alzheimer's Disease. This approval positions Eli Lilly to launch the drug at a premium price, citing its higher efficiency compared to existing treatments like Leqembi, introduced last year by Eisai and Biogen. Analysts have provided mixed reviews, with Jefferies rating it a 'buy' with a price target of $906.71, while BMO Capital Markets rated it 'outperform' with a price target of $914.37. The approval has driven Eli Lilly's stock to new highs, nearing a $1 trillion market cap.