Eli Lilly To Present Fresh Data On Foundayo, Retatrutide In Europe – Here’s Why Berenberg Sees A 21% Potential Upside In LLY Stock

• Lilly to present latest data from the Phase 3 Triumph-2 results for Retatrutide, its investigational obesity drug.
• Lilly will also present results from the Achieve-4 trial, its largest diabetes study of oral GLP-1 Foundayo.
• Berenberg upgraded Lilly to ‘Buy’ from ‘Hold,’ according to The Fly.

Eli Lilly (LLY) was in the spotlight on Tuesday after Berenberg upgraded the pharmaceutical giant, citing potential upside to its 2026 outlook, as the company prepares to unveil new data later this month for several next-generation obesity and diabetes treatments.

LLY shares were up 1.3% at the time of writing.

Berenberg Sees Upside To LLY’s Full Year 2026 Guidance

Berenberg upgraded Lilly to ‘Buy’ from ‘Hold,’ and increased its price target to $1,400 from $1,220, a 21% upside from current levels. The firm said its analysis showed the company continues to generate strong returns from its investments. The firm also sees potential upside to Lilly’s 2026 guidance.

Last month, Lilly raised its full-year 2026 revenue forecast to $85 billion to $87 billion, up from $82 billion to $85 billion, while narrowing its earnings guidance to $35.50 to $36.50 per share from $35.50 to $37.

Lilly To Present Late-Stage Retatrutide Results

The call comes as Lilly prepares to present new data on obesity and diabetes at the European Association for the Study of Diabetes meeting in Milan from September 28 to October 2.

Among the highlights will be Phase 3 Triumph-2 results for Retatrutide, Lilly’s investigational obesity drug. In July, Lilly reported that patients with obesity or overweight and Type 2 diabetes lost as much as 20.8% of their body weight after 80 weeks, while A1C, a measure of blood sugar, fell by as much as 1.6%.

Lilly plans to seek U.S. Food and Drug Administration (FDA) approval for Retatrutide in early 2027.

Foundayo, Tirzepatide Combination Data In Focus

Lilly will present results from the Achieve-4 trial, its largest diabetes study of oral GLP-1 Foundayo. The drug showed cardiovascular safety compared with insulin Glargine. Patients taking Foundayo also had 16% fewer major cardiovascular events, such as heart attacks and strokes.

Lilly will also reveal the Phase 2 results for EloraTZP, an experimental obesity treatment that combines Tirzepatide, the active ingredient in Zepbound and Mounjaro, with another drug called Eloralintide. In the Phase 1 study, patients receiving the combination lost 17% of their body weight over 16 weeks, compared with 10% for those receiving Tirzepatide alone.

Retail’s Take On LLY 

Retail sentiment surrounding LLY on Stocktwits remained in the ‘bearish’ zone over the past 24 hours.

LLY stock gained 7.6% in 2026, outperforming rival NVO’s 16% fall.

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