Eli Lilly's (LLY) international rollout of its new oral weight-loss drug is off to a strong start, with early demand for Foundayo building quickly, BofA Securities said Thursday in a report.
More than 20,000 patients were treated with Foundayo in the first 3.5 weeks, up from 5,000 in the first two weeks, BofA said. Lilly expects access through several major pharmacy benefit managers by mid-May and pointed to Zepbound's 55% share of new-to-brand prescriptions as the closest comparison for how early Foundayo uptake is trending, the report said.
International demand for Mounjaro also remains strong, with about 75% of volume tied to chronic weight management rather than type 2 diabetes, the report said.
BofA raised its 2026 sales forecast by 8% to $32.5 billion, reflecting continued strength across Lilly's incretin portfolio, and lifted its EPS estimate by 6% to $36.46, in line with updated company guidance.
BofA cut its price target on Lilly stock to $1,133 from $1,294 after applying a lower valuation multiple to reflect longer-term pricing uncertainty. Its buy rating was reiterated.
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