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Eli Lilly (NYSE: LLY) is the most valuable healthcare company in the world, with a market cap of more than $560 billion. One reason investors love the stock is the company is always looking to grow and get bigger.

Last year, it planned for five key drugs launches in 2023. Here’s a closer look at how it has progressed this year and whether it is on track to hit its goals.

The company’s diverse pipeline underscores many growth opportunities

Eli Lilly has dozens of projects in its pipeline, and a few of them are particularly promising. Prior to the start of this year, Eli Lilly outlined multiple treatments that it was excited about and that could obtain approval by the end of 2023.

Among the drugs that investors are likely most bullish on are donanemab, which is a treatment for early Alzheimer’s, and tirzepatide, which the Food and Drug Administration (FDA) has already approved to treat type 2 diabetes, but that has even more potential as a weight-loss treatment. Other drugs it was bullish on this year included mirikizumab (for inflammatory bowel disease), lebrikizumab (atopic dermatitis), and pirtobrutinib (mantle cell lymphoma).

The company also projected that its revenue for the year to be within $30.3 billion and $30.8 billion. At the high end, that would represent year-over-year growth of 8%.

How the company has done thus far

Although the year isn’t over just yet, here’s a look at how the company has been progressing with respect to its five targets for the year:

Donanemab: Pending. Eli Lilly expects that it may obtain approval for donanemab before the end of the year. And the results from clinical trials have been encouraging, with the drug demonstrating similar effectiveness to that of Biogen‘s Leqembi, which obtained approval earlier this year.
Tirzepatide: Approved. On Wednesday, the FDA granted approval for tirzepatide to treat people for chronic weight management. It will be sold under the brand name Zepbound.
Mirikizumab: Approved. Last month, the FDA approved the drug, which will be marketed as Omvoh, to treat adults with moderate to severe active ulcerative colitis.
Lebrikizumab: Rejected. The FDA issued a complete response letter (i.e., rejection) to lebrikizumab in October, but the company is working on addressing the issues and says there were no problems relating to its safety or the clinical data package.
Pirtobrutinib: Approved. In January, the FDA granted accelerated approval for pirtobrutinib to treat relapsed or refractory mantle cell lymphoma. The company will sell it under the brand name Jaypirca.

Overall, it has been a positive year for Eli Lilly, with three approvals thus far, and another one for donanemab potentially on the way.

The healthcare company has also upgraded its guidance this year, and it projects revenue for 2023 to be within a range of $33.4 billion and $33.9 billion.

Should you buy Eli Lilly stock?

Shares of Eli Lilly are up over 60% this year, as it has been one of the best healthcare investments to own in 2023. And with analysts routinely coming out with huge forecasts for its newly approved weight loss treatment Zepbound (they’ve gone from $25 billion to as much as $100 billion), it wouldn’t be a surprise to see the stock continue to rise, given the long-term opportunities Zepbound and other assets possess. If you’re a long-term investor looking to hold the stock for years, Eli Lilly could make for a great investment to hang on to.

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David Jagielski has no position in any of the stocks mentioned. The Motley Fool recommends Biogen. The Motley Fool has a disclosure policy.

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