Eli Lilly Just Delivered Another Monster Quarter. But There’s More to This Story Than Weight-Loss Drugs

Eli Lilly (NYSE:LLY | LLY Price Prediction) has become a major growth engine in pharma, and its third-quarter report added to that case. Revenue rose 38.6% to $24.40 billion as worldwide tirzepatide volume climbed 53%.

Even so, CEO David A. Ricks spent much of the call talking about other things: “With three-fourths of our clinical pipeline focused on diseases outside of obesity, we’re developing new medicines that have the potential to impact a broad range of disease to deliver diversified and durable growth.”

Shares are up 30.44% year to date and 72.56% over the past year, at roughly $1,395. Here’s what Lilly must achieve to reach $1,700 per share in 2027.

Wall Street’s Price Targets Are Trailing Lilly’s Momentum

The average analyst target of $1,333.72 means 4.4% downside. That gap mostly shows how fast the stock has moved (up 17.76% in a month), and the earnings estimates are still climbing.

Analysts see 2027 revenue of $102.11 billion, about 15% growth, and EPS of $47.2209, roughly 37% above the 2026 estimate. Ninety days ago, that 2027 EPS figure was $44.8794.

Lilly has also beaten EPS estimates for five consecutive quarters. Q3 non-GAAP EPS of $7.48 beat the $6.67 consensus despite $4.57 per share of acquired R&D charges. Management also raised full-year revenue guidance to $91 billion to $92 billion.

Here’s the Math Behind $1,700 Per Share

Lilly currently trades at about 30x 2027 estimated earnings. At $1,700, that multiple would rise to 36x, still below its trailing P/E of 43. A mid-30s multiple is easy to justify for a company expected to grow EPS by more than a third.

What Could Push Lilly to $1,700?

• Growth beyond obesity: Key products in immunology, oncology and neuroscience grew 100%. Kisunla revenue rose 175%, and Jaypirca gained 59% ahead of its newly expanded first-line CLL label.
• Oncology depth: Lilly has eight new oncology medicines or major indications in Phase 3 or about to start, with EMBER-4 breast cancer data due in 2027.
• Retatrutide: The BLA submission is planned for Q1 2027. In a head-to-head trial, retatrutide produced 20% to 21% weight loss, compared with 9.4% for semaglutide.
• Foundayo rollout: The oral GLP-1 is under review in more than 40 additional countries, and a global launch is expected in 2027.
• Medicare access: The Bridge program covers about 20 million seniors, and more than half a million people have filled a Lilly prescription through it since July 1.
• Near-term events: Innovation Day is on December 7, and 2027 guidance comes in January.

Lilly’s History Says $1,700 Is Within Reach

Reaching $1,700 requires a gain of about 22%. Lilly topped that bar in seven of the 10 calendar years from 2016 through 2025. Shares rose 66% in 2021, 61% in 2023 and 40% in both 2018 and 2025.

Over five years, the stock has gained 472.9%. With a market cap near $1.22 trillion, matching those years gets harder, but the base needed for a 22% gain keeps growing.

My Take on $1,700 for Lilly

Reaching $1,700 means a 22% gain in 2027. Earnings estimates are rising, Lilly keeps beating them, and its non-obesity portfolio doubled last quarter.

There are real challenges. Realized prices fell 15%, and about $2 billion in one-time 2026 revenue won’t repeat. Returns at this level shouldn’t be expected every year, but this is the model for how Lilly could deliver outsized returns in 2027.

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