Is Eli Lilly Stock a Buy Now?
Biotech giant Eli Lilly (NYSE: LLY) crushed the stock market last year, but the drugmaker is not starting off so well in 2023. Its shares are down by 7% this year, while the broader market has been rising. It's too soon to tell how things will shape up for the rest of the year for Eli Lilly. And even more importantly, what matters more is whether the company has the tools to perform well in the long run.
Let's dig deeper into Eli Lilly's business and determine whether its shares are worth buying right now.
Eli Lilly's latest quarterly update is a key reason it has underperformed this year. In the fourth quarter, the company's revenue declined by 9% year over year to $7.3 billion. But it is worth taking a bit of a closer at this metric. During the worst of the pandemic, some of Eli Lilly's products were sold as coronavirus treatments. And like many other companies in this space, Eli Lilly's COVID-related sales are now dropping as the pandemic recedes.
Source Fool.com
