Market Update: Eli Lilly & Company (NYSE:LLY) – U.S. FDA Accepts Filing of Cardiovascular Outcomes Data for Jardiance® (empagliflozin)

[PR Newswire] – RIDGEFIELD, Conn. and INDIANAPOLIS, Jan. 25, 2016 /PRNewswire/ — The U.S. Food and Drug Administration (FDA) accepted a supplemental New Drug Application for Jardiance® (empagliflozin) based on cardiovascular risk reduction data from the landmark EMPA-REG OUTCOME® trial. Boehringer Ingelheim and Eli Lilly and Company (LLY) expect to receive a decision from the FDA within the standard review time frame. Cardiovascular complications can have a significant impact on the health and life expectancy of people with type 2 diabetes. Read more on this. Eli Lilly and Company (LLY) , with a current market cap of $87.75B, began trading this morning at $82.50. Looking at today’s trading action, the company’s one day range from $82.22 to $83.20 and has traded between $68.31 and $92.85 over the past 12 months. Priced at 24.05x this year’s forecasted earnings, LLY shares are relatively expensive compared to the industry ’s -2.14x forward p/e ratio. And for income investors, the company pays shareholders $2.04 per share annually in dividends, yielding 2.47%. Consensus earnings for the current quarter by the 19 sell-side analysts covering the stock is an estimate of $0.78 per share, which would be $0.03 better than the year-ago quarter and a $0.00 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $3.43 is a $0.65 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $5.32 Billion. If reported, that would be a 3.91% increase over the year-ago quarter. Recently, BMO Capital Markets upgraded LLY from Market Perform to Outperform (Nov 13, 2015). Previously, Credit Suisse upgraded LLY from Neutral to Outperform. Given all the information above, we should disclose to readers that the average price target is $99.50, which is 20.61% above than it opened this morning. See more in (NYSE:LLY) Similar Articles: Market Update: Eli Lilly & Company (NYSE:LLY) – EXCLUSIVE-US insurers hold back Lilly’s death-defying diabetes drug Market Update: Eli Lilly & Company (NYSE:LLY) – Jardiance® (empagliflozin) is the only diabetes medication to show a significant reduction in both cardiovascular risk and cardiovascular death in a dedicated outcome trial Company Update (NYSE:LLY): Jardiance® demonstrated cardiovascular (CV) risk reduction in people with type 2 diabetes at high risk for CV events