Eli Lilly and Company's LLY stock has declined around 2.3% in the past three months despite very strong underlying business momentum. The main issue is expectations and valuation rather than a deterioration in fundamentals. Investors have become more cautious about the sustainability of its exceptionally strong growth and the premium valuation attached to the shares. Investors have also become more focused on competition in the fast-growing obesity-drug market, particularly in the oral GLP-1 segment, where Lilly's oral GLP-1 pill Foundayo is competing with Novo Nordisk's NVO Wegovy pill. Nevertheless, continued strength in Mounjaro, Zepbound and Foundayo, along with Lilly's broader pipeline, supports the company's long-term growth prospects.
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