Managers added roughly 890,926 Amazon shares and 1.33 M ServiceNow shares even as Primecap cut 1.53 M Eli Lilly shares; Lilly’s options volume surged above 22,500 contracts—led by 1,039 contracts in the $890 put—and the stock has traded up modestly post-results, averaging $958.26 for the quarter and closing near $1,058 (+3.66%).

Revenue surged 45% to $65.2 billion in 2025, including $19.3 billion in Q4 driven by strong uptake of diabetes and obesity drugs. Guidance points to $80–83 billion in 2026, backed by eight new product launches, $1.5 billion in pre-launch inventory for orforglipron, a $50 billion manufacturing build-out, and a $2.4 billion acquisition to bolster in vivo cell therapies.

Rapidly growing weight-loss and diabetes drug demand is driving significant inventory builds, regulatory filings for oral formulations, and capacity expansions, even as government price-setting initiatives, Medicare pilot programs, and US price declines impose regulatory and pricing constraints. Strategic partnerships in China and Germany and the acquisition of Orna Therapeutics diversify the pipeline into cell and gene therapies, mitigating competitive threats from Novo Nordisk’s semaglutide lineup.

Investor enthusiasm around Eli Lilly is driven by blockbuster GLP-1 drug sales, bullish outlooks on orforglipron’s upcoming launch, heavy investment in AI and gene therapies, and a string of acquisitions, while some investors flag stretched valuation and potential regulatory or reimbursement risks.