Growth stocks can make for great long-term investments. But the more attractive the growth stock, the higher the premium it normally commands. Just look at Nvidia, which is developing chips to help in the development of artificial intelligence models. Then there's , the leading electric vehicle maker. Both companies operate in some high-growth arenas, which is why investors often don't balk at paying a steep price tag.

Eli Lilly (NYSE: LLY) also falls into that bucket. The healthcare giant has unlocked a new growth opportunity in weight loss, with the Food and Drug Administration recently approving Zepbound for that indication. Up 60% this year, Eli Lilly has hit new all-time highs amid the excitement around Zepbound. Should investors still buy the stock at its lofty valuation, or are you better off waiting for a drop in the share price?

Eli Lilly is one of the most promising growth stocks to own right now. It also looks to be the most likely healthcare stock to reach a market capitalization of $1 trillion. But there's no doubt that today it trades at a high premium. Historically, Eli Lilly hasn't been a cheap stock to buy, but it has reached new heights this year.

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Source Fool.com