Lilly, Gilead, Amgen started at outperform by Bernstein

Bernstein started coverage of Eli Lilly (NYSE:LLY), Gilead Sciences (NASDAQ:GILD) and Amgen (NASDAQ:AMGN) with outperform ratings.

The investment firm said its bullish ratings on Gilead and Amgen were based on upside expectations for key assets to generate revenue growth between now and 2030, including Gilead’s (GILD) HIV PreEP treatment lenacapavir and Amgen’s (AMGN) obesity drug MariTide and rare disease portfolio.

Bernstein also said it expects “rising optimism for GILD’s (GILD) diversification strategy over the next year.”

As for Lilly (LLY), Bernstein said its outperform rating “hinges on what they can do with the cash they generate from obesity.” It believes the company is ready to “grow off the back of obesity with a diverse portfolio and ‘beat’ the traditional reinvention cycle.”

Bernstein also initiated coverage of Merck (MRK), AbbVie (ABBV), Bristol Myers (BMY), Moderna (MRNA) and Pfizer (PFE) with market perform ratings.