Eli Lilly and Company (LLY)

Executive Summary

Eli Lilly is, in our view at T&T Capital Management, the most consequential pharmaceutical franchise of this decade — and as of Q1 2026, the largest pharmaceutical company in the world by market capitalization, having crossed the $1 trillion mark on the strength of the most dominant obesity-and-diabetes franchise ever assembled. At $1,082.92 per share the stock trades at approximately 30 times consensus FY2026 adjusted EPS at the midpoint of the company’s raised guidance — a meaningful premium to the broader pharma peer group but a discount to where the stock traded in 2024 at the GLP-1 hype peak. The question is no longer whether Lilly is the platform leader; it is whether the runway justifies the multiple. The Q1 2026 print published April 30 was, by any reasonable framing, a blowout.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers