With the S&P 500 in bear market territory (a drop of 20% or more from its most recent highs) and persistent geopolitical and economic problems, it's not clear that the end of these troubles is in sight. Eli Lilly's stock is up by an impressive 17% since the beginning of the year. While the company has delivered solid financial results, perhaps the forward-looking market is more excited about its prospects.
Shares of drugmaker Eli Lilly (NYSE: LLY) have suffered the same occasional tumble that its pharma peers and the broad market have taken this year. Whereas the Dow Jones Industrial Average is down 13% year to date and the Dow Jones Pharmaceutical Index is just slightly better than breakeven, Lilly shares are up more than 18% since the end of 2021. Much credit goes to Eli Lilly's COVID-19 treatment combination of bamlanivimab and etesevimab although its diabetes treatment Trulicity has been a heavy hitter as well.
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