What happenedAccording to a filing with the Securities and Exchange Commission dated Aug. 12, 2025, Stevens Capital Management LP completely exited its position in Eli Lilly and Company (LLY -0.20%), by selling all 12,036 shares in Q2 2025. The estimated transaction value, based on the average price for the quarter ended June 30, 2025, was approximately $9.94 million. What else to knowThe following are the fund's top holdings post-filing at the end of the second quarter:Strategy (previously MicroStrategy): ...

大家早上壕！ 先看海外要闻： 美股齐涨，道指收涨0.32%、纳指收涨0.21%、标普500收涨0.24%；苹果收涨0.51%、亚马逊收涨0.18%、谷歌A收涨0.16%、微软收涨0.94%、特 斯拉收跌0.59%、英伟收跌0.09%、Meta收跌0.89%。 美国纽约联储主席暗示9月可能调整利率。 英伟达二季度营收467亿美元，分析师预期462.3亿美元。 数据中心收入411亿美元，预期412.9亿美元。 预计三季度营收540亿美元 ，预期534.6亿 美元；批准额外600亿美元股票回购。 美国财长贝森特："肯定"会在秋季知道特朗普选择的美联储主席，负责房利美和房地美交易事宜的银行将于9-10月左右选定。 黄仁勋：希望向中国市场销售更新的芯片。 谷歌公司将在美国弗吉尼亚州的云和AI基础设施投资90亿美元。 OpenAI将改进ChatGPT，旨在更好地识别用户的心理和情绪困扰，并作出更适当的回应。 礼来制药：针对特定乳腺癌患者，Verzenio+内分泌（endocrine）疗法第三阶段临床试验表现出统计学上的重大意义和实质性的临床改善。 英特尔之后特朗普瞄准谁？高官暗示军工、造船业，洛克希德·马丁被点名。 国内 ...

智通财经APP获悉，周三，医药板块走高，截至发稿，礼来(LLY.US)涨超1%，联合健康(UNH.US)涨 0.99%，Molina Health(MOH.US)涨超1.9%，信诺(CI.US)涨0.19%，诺和诺德(NVO.US)涨0.85%，强生 (JNJ.US)涨0.58%。消息面上，礼来表示，其旗下抗肿瘤药物Verzenio在后期临床试验中取得突破性进 展。根据全球III期monarchE试验的主要总体生存期(OS)分析数据，这款已获美国FDA批准的药物作为 联合治疗方案的一部分，显著提升了特定乳腺癌患者的总体生存率。 ...

智通财经APP获悉，礼来(LLY.US)当地时间周三发布重要公告，其旗下抗肿瘤药物Verzenio在后期临床 试验中取得突破性进展。根据全球III期monarchE试验的主要总体生存期(OS)分析数据，这款已获美国 FDA批准的药物作为联合治疗方案的一部分，显著提升了特定乳腺癌患者的总体生存率。 礼来公司肿瘤事业部负责人雅各布·范纳登(Jacob Van Naarden)表示："这些数据进一步确立了Verzenio作 为淋巴结阳性高风险患者标准治疗方案的地位，也凸显出让所有符合条件患者及时接受治疗的重要 性。" 据披露，礼来计划在近期举办的医学会议上详细展示该研究成果，同时将论文投稿至权威学术期刊进行 同行评议，并着手与全球主要监管机构展开结果沟通。 该项国际多中心研究纳入超过5500例激素受体阳性(HR+)、HER2阴性、淋巴结阳性且高风险的早期乳 腺癌患者。试验结果显示，Verzenio联合内分泌治疗相较于单独使用内分泌疗法，在总体生存期这一关 键次要终点上实现了具有统计学显著性和临床意义的改善。 值得注意的是，该口服药物还在无侵袭性疾病生存期等主要研究指标中展现出持续获益，这一指标正是 monarchE ...

Eli Lilly and Company (LLY) reported robust second-quarter 2025 results, wherein it beat estimates on both the top and bottom lines, driven by strong demand for its blockbuster weight loss and diabetes drugs. The drugmaker also raised its fiscal year outlook. However, shares of LLY tumbled 14% on disappointing weight-loss pill data, which overshadowed the company’s strong second-quarter performance and upgraded full-year outlook. Investors seeking to buy the dip could bet on ETFs having the largest exposure ...

Core Viewpoint - Eli Lilly reported strong Q2 earnings with revenue of $15.56 billion, a 38% year-over-year increase, exceeding market expectations of $14.7 billion, and raised its full-year revenue guidance to $60-62 billion [1][2][10] Financial Performance - Q2 revenue reached $15.56 billion, driven by sales growth of Zepbound and Mounjaro [2] - Reported EPS was $6.29, a 92% increase year-over-year, while non-GAAP EPS was $6.31, up 61% from the previous year [3][2] - Gross margin improved to 84.3%, up 3.5 percentage points due to better production costs and product mix [2] Key Product Developments - Mounjaro generated global revenue of $5.2 billion, a 68% increase, with U.S. sales of $3.3 billion and international sales of $1.9 billion [8][9] - Zepbound saw U.S. revenue of $3.38 billion, a 172% increase, although facing pricing pressure [8][9] - Verzenio revenue was $1.49 billion, reflecting a 12% year-over-year growth [8] Market Dynamics - Despite strong revenue growth, pricing pressures were evident, contributing to a 6% decline in growth due to an 8% price drop in the U.S. market [9] - The competitive landscape for GLP-1 drugs is changing, with increased pressure from insurance companies and government programs [9] R&D and Future Outlook - R&D expenses rose to $3.34 billion, a 23% increase, indicating continued high investment in pipeline development [10] - The company raised its 2025 revenue guidance by $1.5 billion to a range of $60-62 billion, reflecting management's confidence in business prospects [10] Orforglipron Clinical Trial Results - The experimental weight loss pill orforglipron showed only an 11% weight reduction in Phase III trials, below Wall Street expectations, leading to a significant drop in stock price [6][11] - The drug is expected to provide a cheaper oral option in the weight loss market projected to grow to $95 billion by 2030 [11][12] - Common side effects include nausea and vomiting, similar to existing GLP-1 drugs, but orforglipron did not cause liver issues, a concern with other weight loss drugs [11][12]

Financial Performance - Total revenue reached $15.6 billion, a 38% increase compared to Q2 2024[12] - Key product revenue grew by 80% to $10.4 billion[12] - Non-GAAP earnings per share (EPS) increased by 61% to $6.31[12] - The company raised the midpoint of its revenue guidance by $1.5 billion for the full year[10] Product Performance - Lilly's U.S. incretin analogs market share increased to 57.0% of total prescriptions, with the market growing 41% year-over-year[10] - Mounjaro U.S. sales were $3.3 billion and international sales were $1.9 billion[65] - Zepbound U.S. sales were $3.4 billion and international sales were $1.5 million[68] - Verzenio U.S. sales increased 8% and international sales increased 19%[71] - Jaypirca Q2 2025 sales reached $123 million, with TRx increasing 85% compared to Q2 2024[25] Clinical Development - Orforglipron delivered weight loss of more than 27 lbs (12.4%) in ATTAIN-1[16] - Mounjaro demonstrated cardiovascular protection in SURPASS-CVOT, showing an 8% lower rate of MACE-3 events compared to Trulicity[16, 43]

Core Insights - Demand for Eli Lilly's GLP-1 medicines, Mounjaro and Zepbound, remains robust, generating $6.15 billion in Q1 2025, accounting for approximately 48% of total revenues [1][8] - Sales of Mounjaro and Zepbound rebounded in Q1 2025 due to new international market launches and improved supply, despite lower-than-expected sales in the second half of 2024 [2][8] - The company anticipates Q2 2025 sales of $4.5 billion for Mounjaro and $3.1 billion for Zepbound, driven by deeper market penetration [3][8] Company Performance - Eli Lilly's broader portfolio, including oncology and immunology drugs, continues to show steady growth, with contributions from recently launched products [4] - The company's shares have outperformed the industry year-to-date, indicating strong market performance [7] Industry Context - The U.S. obesity market is projected to reach $100 billion by 2030, with Eli Lilly and Novo Nordisk as the primary competitors [5] - Novo Nordisk's semaglutide medicines, Ozempic and Wegovy, compete directly with Lilly's offerings, contributing significantly to Novo's revenues [5] - Other companies, such as Viking Therapeutics, are also advancing in the obesity space with new investigational drugs [6] Valuation and Estimates - Eli Lilly's shares are currently trading at a P/E ratio of 29.66, above the industry average of 15.16, but below its five-year mean of 34.54 [10] - The bottom-line estimate for 2025 remains at $21.92, while the estimate for 2026 has slightly decreased from $30.91 to $30.84 [11]

Core Viewpoint - Eli Lilly has shown exceptional financial performance and market growth, leading to a high forward price-to-earnings (P/E) ratio of over 35, which is significantly above the healthcare industry average of 15.8, raising questions about the timing of investment [1][2]. Group 1: Market Leadership in Weight Loss - Eli Lilly has established itself as a leader in the diabetes drug market and has made significant strides in the anti-obesity sector, with products like Mounjaro and Zepbound generating over $1 billion in quarterly revenue [4]. - The company is advancing its pipeline with investigational drugs such as orforglipron, an oral GLP-1 medicine, and retatrutide, a triple agonist, both showing promising clinical results [5]. - Eli Lilly has outperformed its competitor Novo Nordisk in the weight management market, capitalizing on clinical successes while the latter faced setbacks [6]. Group 2: Diversification of Product Line and Pipeline - Eli Lilly's portfolio includes successful drugs like Verzenio for cancer and Taltz for immunosuppression, along with potential future blockbusters such as Kisunla for Alzheimer's and Ebglyss for eczema [8]. - The company is actively expanding its pipeline through acquisitions, including SiteOne Therapeutics for $1 billion, which focuses on a non-opioid pain treatment, and Verve Therapeutics for $1.3 billion, which develops gene-editing therapies for cardiovascular diseases [9][10]. Group 3: Financial Outlook and Valuation Justification - Despite a high valuation that may deter some investors, Eli Lilly's revenue grew by 45% year over year to $12.7 billion, with net income increasing by 29% to $3 billion, showcasing strong financial health [12]. - The company's ongoing developments in weight management and diabetes are expected to yield significant clinical and regulatory successes, supporting above-average growth in the coming years, thus justifying its premium valuation [13].

Core Insights - Eli Lilly has been a top-performing healthcare megacap stock, driven primarily by its advancements in diabetes and weight loss markets, positioning it as a leader alongside Novo Nordisk [1][2] - The recent acquisition of SiteOne Therapeutics for $1 billion highlights Eli Lilly's strategy to diversify its portfolio beyond diabetes and obesity treatments [4][5] Financial Performance - In Q1, Eli Lilly's revenue grew by 45% year over year to $12.73 billion, with significant contributions from its cancer drug Verzenio, which generated $1.2 billion in sales, and immunosuppressant Taltz, which brought in $762 million [6][7] - Sales from products outside diabetes and obesity accounted for nearly 28% of Eli Lilly's total revenue, indicating a more diversified revenue stream compared to Novo Nordisk [7] Product Pipeline and Market Position - Eli Lilly's newer products include treatments for Alzheimer's disease, oncology, and eczema, showcasing its commitment to expanding beyond its core areas [8] - The company is also advancing in the GLP-1 market, with Mounjaro's revenue increasing by 113% year over year to $3.8 billion and Zepbound's sales rising by 347% to $2.3 billion in Q1 [9] - Eli Lilly has 11 obesity pipeline candidates, including the investigational oral GLP-1 therapy orforglipron, which recently passed a phase 3 study [10] Competitive Advantage - Eli Lilly's diversified portfolio and strong presence in multiple therapeutic areas, including oncology and immunology, provide a competitive edge over rivals, making it an attractive long-term investment [11]