Eli Lilly shares hit a new high, pushing valuation above Berkshire Hathaway ahead of Q3 results

Eli Lilly’s stock climbed to a new record as investors looked toward the company’s upcoming third-quarter earnings, with at least one major bank pointing to signs of momentum in two of its best-known weight-loss and diabetes medicines. The rally also appeared to move Lilly’s market value above Berkshire Hathaway, a benchmark reference investors often use when comparing the size of large buy-and-hold portfolios to fast-growing industrial and healthcare companies.

The market reaction is tied to expectations that Lilly will report stronger-than-feared results and potentially adjust guidance upward. According to a report circulated by Yahoo Finance, Goldman Sachs was among the firms projecting that Lilly would surpass consensus earnings expectations in the quarter and raise its outlook, setting a supportive tone heading into the print.

In the bank’s view, the improvement is linked to Mounjaro, Lilly’s once-weekly treatment for type 2 diabetes, with growth reportedly stronger than expected in markets outside the United States. That matters because Lilly has been navigating how demand in international channels can smooth out quarter-to-quarter variability that can come from pricing, payer coverage, and competitive dynamics in the U.S.

The same report also highlighted Zepbound, Lilly’s once-weekly obesity treatment. Goldman cited gains in Zepbound volumes, attributing part of the increase to Medicare’s coverage and utilization trends, though the circulated post did not spell out the specific coverage change or the measured magnitude of the volume shift.

The new highs come as GLP-1-related therapies continue to dominate investor attention in healthcare, largely because of their scale and because they sit at the intersection of drug pricing, reimbursement, and chronic-disease treatment. For Lilly, the company’s near-term results are tightly watched not only for total prescriptions or sales growth, but for how quickly new patients are converted into sustained treatment.

Even with a bullish earnings setup, it is important to note what is not provided in the reporting. The Yahoo Finance-linked post does not include Goldman’s full model details, such as specific per-share estimates, revised revenue or margin targets, or the extent of any projected guidance increase. It also does not disclose whether the valuation jump is tied to broader market moves, changes in investor positioning, or specific earnings-date catalysts beyond the general outlook.

For shareholders, the upcoming earnings release will be the clearest test of whether the outside-U.S. strength in Mounjaro and the Medicare-associated lift in Zepbound volumes continue through the quarter. The company’s disclosures on demand by geography, prescription trends, and any updated capacity or pricing assumptions will likely determine whether the stock’s new high becomes a sustained trend rather than a pre-earnings move.

In the meantime, analysts and investors are likely to focus on how Lilly frames demand for its obesity franchise and what it indicates about future growth, including whether it can maintain momentum while expanding supply and managing payer scrutiny. The next earnings call should also clarify how much of the volume strength can be attributed to reimbursement shifts versus broader underlying uptake.