Eli Lilly reached a $1 trillion market capitalization on Friday, the first health-care company in the world to join the exclusive club dominated by tech firms.
Eli Lilly briefly hit the $1 trillion mark in morning trading before retreating. It was last trading around $1,048 a share. The company’s stock has climbed more than 36% this year as investors applaud the gains it has made over chief rival Novo Nordisk in the GLP-1 drug space.
The Indianapolis, Indiana-based drugmaker’s stock has been riding the skyrocketing popularity of its weight loss injection Zepbound and diabetes treatment Mounjaro. Demand is only expected to grow as both approvals for treatments’ uses and insurance coverage expand.
Eli Lilly will likely remain a dominant player in the weight loss drug market, which some analysts believe could be worth more than $150 billion by the early 2030s.
