Lilly's Omvoh (mirikizumab-mrkz) meets primary endpoint of clinical remission and is the first IL-23p19 inhibitor to report one-year Phase 3 results in pediatric ulcerative colitis

Impact · against what's priced in

Positive Phase 3 data for Omvoh in pediatric UC is a marginal catalyst for LLY as it represents a niche label expansion compared to the massive scale of the GLP-1 franchise. While the data is clinically successful, the impact on the 30.2% implied revenue CAGR is negligible.

LLY+0.10

Challenges what's priced in

The price assumes