Shares of Eli Lilly and Company (NYSE: LLY) skyrocketed 59% in 2023. The big drugmaker delivered its second-best stock performance in the last 25 years, eclipsed only by a gain of nearly 64% in 2021.

Lilly's spectacular jump also enabled the company to claim the mantle of the world's largest pharmaceutical company based on market cap. The top spot had been held for more than a decade by Johnson & Johnson.

2023 didn't start with a bang for Eli Lilly. Its shares fell as much as 15% during the first quarter. The company received a complete response letter from the U.S. Food and Drug Administration turning down accelerated approval of experimental Alzheimer's disease drug donanemab in January. Lilly also reported disappointing 2022 fourth-quarter results in early February.

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Source Fool.com