Eli Lilly Rating, Price Target Up as Berenberg Notes 'Underestimated' External Pipeline Moves

02:30 AM EDT, 09/15/2026 (MT Newswires) -- Berenberg upgraded its rating and price target for Eli Lilly (LLY.SW, LLY.F), saying the pharmaceutical giant's weight-loss market dominance is funding a pipeline expansion the market has yet to price in fully. "Investor expectations for Lilly to maintain its lead in the fast-growing obesity market are undoubtedly high. We are confident in this and see upside to FY 2026 guidance. Meanwhile, the external pipeline investment that obesity success is [fueling] remains underestimated, in our view. Year to date, Lilly has committed cUSD60bn on more than 25 business development deals, with plenty of capacity to spend more. Many of the resulting new pipeline entrants have multibillion-dollar sales potential and offer important diversification optionality," the research firm said Tuesday following the release of its return on research and development investment report. Analysts said that through its $4 billion acquisition of AtaiBeckley, Eli Lilly gained three potential "megabuster" neurology assets, including the psychedelic candidate BPL-003, with the potential to enter the mental health market by the end of the decade with projected peak sales of $4 billion. The company's $8 billion purchase of Centessa also helped it secure cleminorexton, which Berenberg noted is a potentially best-in-class orexin receptor 2 agonist for narcolepsy and hypersomnia, with forecasted peak sales of $3 billion. The therapy's phase 2/3 data are scheduled for release in the second half of 2027. Against this backdrop, the research firm upgraded the stock to buy from hold and raised its price target to $1,400 from $1,220.