HSBC downgraded Eli Lilly from Hold to Reduce.
The bank slashed its price target from $1,070 to $850. Analysts estimate the total addressable obesity market will reach $80 billion to $120 billion by 2032. This forecast sits below broader market expectations of over $150 billion.
HSBC expressed skepticism regarding the 2026 launch of the oral drug orforglipron. The firm suggests current sales expectations for the treatment are too high. Price competition and worsening rebate dynamics are expected to increase pricing pressures across the sector.