Eli Lilly (LLY) Stock Today, November 22, 2025: Trillion‑Dollar Milestone, New Board Member and Fresh Access Deals Fuel Momentum

Eli Lilly (NYSE: LLY) heads into the weekend of November 22, 2025, sitting near record highs and fresh off becoming the first drugmaker ever to join the $1 trillion market‑cap club. A powerful combination of blockbuster obesity drugs, new access deals with the U.S. government and employers, and bullish analyst sentiment is keeping LLY at the center of Wall Street’s attention. ^[1]

Below is a full look at what’s moving Eli Lilly stock today and what it could mean for investors watching LLY.

Eli Lilly stock price today: near record highs with a trillion‑dollar tag

As of the latest available trading data (reflecting Friday, November 21’s close ahead of the weekend), Eli Lilly shares are trading around $1,060 per share, up roughly 1–2% on the day, and hovering just below their recent all‑time high of about $1,067. That puts the company’s market value right around $1.0 trillion. ^[2]

Key snapshot:

Last price: ~$1,060
Market cap: ≈ $1.0 trillion, first healthcare company ever at this level ^[3]
52‑week range: roughly $624 – $1,067 ^[4]
Year‑to‑date performance: up about 36% in 2025, with a 3–4% gain just in the last week ^[5]
Valuation: trading at 50–70x earnings, well above typical large‑cap pharma peers, reflecting high growth expectations ^[6]

In short, Eli Lilly enters November 22 as one of the most richly valued and closely watched stocks in the world, increasingly seen as a “growth mega‑cap” alternative to big tech.

The headline story: first drugmaker in the trillion‑dollar club

The defining news heading into today is that Eli Lilly has officially joined the trillion‑dollar club, a group historically dominated by tech giants. Reuters reports that Lilly’s market value hit $1 trillion on Friday, November 21, driven by a more than 35% rally so far this year as investors pile into its obesity and diabetes franchise. ^[7]

A few key points from the latest coverage:

The surge is powered by demand for GLP‑1 weight‑loss and diabetes drugs, especially Mounjaro (type 2 diabetes) and Zepbound (obesity). Together, these products now generate more than $10 billion in quarterly revenue, over half of Lilly’s total. ^[8]
Sales of tirzepatide (Mounjaro/Zepbound) have overtaken Merck’s Keytruda as the world’s best‑selling drug, underscoring how central this franchise has become to Lilly’s story. ^[9]
Analysts quoted by Reuters say Lilly’s fundamentals – one of the fastest revenue and EPS growth profiles in big pharma – are helping it become a “viable alternative” to the mega‑cap tech names in diversified portfolios. ^[10]

The trillion‑dollar milestone is not just a psychological level; it’s also being treated by Wall Street as a signal that healthcare – and obesity drugs in particular – has become a core secular growth theme rather than a defensive afterthought.

Fundamentals remain red‑hot: Q3 2025 earnings and guidance

Today’s enthusiasm rests on very strong underlying numbers. In late October, Lilly reported third‑quarter 2025 results that blew past expectations: ^[11]

Q3 2025 revenue: $17.6 billion, up 54% year‑over‑year
Adjusted EPS: $7.02, up nearly 500% from the prior year and well ahead of consensus
Mounjaro sales: $6.52 billion, more than doubling year‑over‑year
Zepbound sales: $3.59 billion, up roughly 185% year‑over‑year

On the back of those numbers, Lilly raised its full‑year 2025 guidance:

Revenue outlook: increased to $63.0–$63.5 billion, up from $60–$62 billion
Adjusted EPS guidance: raised to $23.00–$23.70 per share ^[12]

These results and upgrades are central to nearly all current analyst commentary on LLY. Recent notes describe Q3 as “record‑breaking” and emphasise that even at today’s lofty valuation, earnings growth remains strong enough to keep many firms in the “Buy” or “Overweight” camp. ^[13]

New access deals: government partnership and direct‑to‑employer model

Another major theme behind Lilly’s strength today is its push to expand access to its obesity medicines while also providing more pricing clarity to payers and patients.

1. Landmark agreement with the U.S. government

On November 6, Lilly announced a sweeping agreement with the U.S. government (under the Trump administration) to expand access to Zepbound and its oral GLP‑1 candidate orforglipron. ^[14]

Key details from the company’s press release:

Medicare beneficiaries with obesity or overweight will, starting as early as April 1, 2026, pay no more than $50 per month for Zepbound and orforglipron (if approved).
States will also be able to expand access via Medicaid, significantly broadening the eligible patient pool.
Self‑pay patients will be able to access these medicines via LillyDirect, with Zepbound multi‑dose pens priced at a discount to current list prices and orforglipron starting at $149 per month at the lowest dose. ^[15]
The agreement also extends Lilly’s commitment to $35 insulin caps and includes tariff relief for the company, helping support continued investment in U.S. manufacturing. ^[16]

This “Trump deal” on obesity medicines follows earlier insulin pricing reforms and is widely seen as giving investors more clarity on U.S. drug‑pricing risk, a key overhang for the sector.

2. Direct‑to‑employer GLP‑1 programs

On November 21, Lilly and its main rival Novo Nordisk announced they will start selling weight‑loss injections directly to employers via Waltz Health and other partners in an effort to lower costs and simplify benefits. ^[17]

According to Reuters, FierceHealthcare and Bloomberg:

Lilly is launching an “employer‑focused obesity care model” in early 2026, offering flexible cost‑sharing options, integrated clinical support, and transparent pricing.
Employers will be able to buy Zepbound at fixed upfront prices, bypassing traditional pharmacy benefit managers and their complex rebate structures.
Partners such as Waltz Health and 9amHealth will provide digital cardiometabolic care, real‑time eligibility checks and patient engagement tools. ^[18]
Analysts estimate the global obesity‑drug market could reach $150 billion annually by the early 2030s, with Lilly and Novo currently dominating the space. ^[19]

Together, the White House agreement and the direct‑to‑employer initiative are being read as signs that Lilly is not just chasing high list prices, but actively shaping a scaled, more predictable access model for its GLP‑1 portfolio – an important point for long‑term investors.

Today’s governance news: Nobel‑winning chemist Carolyn Bertozzi joins the board

A fresh corporate‑governance headline for November 22, 2025 is the appointment of Carolyn R. Bertozzi, Ph.D. to Eli Lilly’s Board of Directors. ^[20]

Multiple outlets, including StreetInsider, Investing.com and GuruFocus, report that:

The Lilly board has elected Dr. Bertozzi as a new director, effective December 8, 2025.
She is the Anne T. and Robert M. Bass Professor of Chemistry and Professor of Chemical & Systems Biology and Radiology at Stanford University, and an Investigator at the Howard Hughes Medical Institute. ^[21]
Some reports note that she will serve on the board’s Science and Technology Committee and Ethics and Compliance Committee, reinforcing Lilly’s emphasis on scientific depth and governance. ^[22]

TipRanks and other news feeds summarise the move as part of a board refresh aimed at aligning Lilly’s leadership with its R&D‑heavy, obesity‑focused growth strategy. ^[23]

For investors, this adds to the narrative that Lilly is doubling down on scientific leadership at the board level at the same time as it commits tens of billions of dollars to manufacturing, GLP‑1 research and related pipeline programs. ^[24]

Institutional buying and dividend context

Another piece of news dated today, November 22, comes from MarketBeat, which highlights new institutional interest: ^[25]

Mufg Securities Americas Inc. increased its stake in Eli Lilly by 25% in the most recent quarter, now holding over 17,000 shares worth around $13.6 million.
MarketBeat notes that hedge funds and other institutional investors collectively own more than 80% of Lilly’s outstanding shares, underscoring its status as a core institutional holding.

That same report reiterates Lilly’s Q3 earnings beat and guidance upgrade, and notes the company’s quarterly dividend of $1.50 per share, implying a modest yield (around 0.6%) at today’s price. ^[26]

While the dividend is not the main attraction here, it adds a small income component to what is otherwise a growth‑driven story.

Analyst sentiment, valuation debate and stock‑split rumors

Strong “Buy” consensus – but valuation is stretched

Analyst and research coverage published or updated around November 22 paints a broadly bullish picture, with some caution on valuation:

MarketBeat’s summary notes that major firms such as Morgan Stanley, UBS and BMO have recently raised their price targets, many in the $1,080–$1,170 range, and that the average Wall Street rating on LLY is “Moderate Buy” to “Strong Buy.” ^[27]
A new Simply Wall St article dated November 22 points out that Lilly shares are up 36.2% year‑to‑date and 3.4% this week, and estimates an intrinsic value of about $1,169 per share based on a discounted cash‑flow model – roughly 9% above the current price. ^[28]
The same analysis, however, notes that Lilly’s price‑to‑earnings ratio of ~51.5x sits far above both the industry average (~19.9x) and its own “fair” PE estimate (~43.8x), leading them to label the stock “overvalued” on a PE basis but roughly fair on DCF. ^[29]

In other words, the valuation debate is very much alive: some models suggest there is still upside, but almost everyone agrees that expectations embedded in today’s price are extremely high.

Will Eli Lilly stock split?

Another story circulating this week comes from TipRanks, which highlights growing rumors of a potential stock split at Eli Lilly. ^[30]

According to that piece:

With LLY trading above $1,050 and its market cap just under $1 trillion at the time of writing, some analysts and investors argue that a split could improve accessibility for retail shareholders.
Lilly has split its stock four times in the past, but not since 1997 – nearly three decades ago.
TipRanks reports a consensus “Strong Buy” rating from 20 Wall Street analysts with an average target price around $1,043, implying that most of the near‑term upside may already be reflected in the price from their perspective. ^[31]

To be clear, Lilly has not announced any official stock‑split plan as of today. The chatter is speculative, but it reflects how far the share price has run and how investors are thinking about the next phase of the stock’s life as a trillion‑dollar name.

How today’s news fits into the bigger picture for LLY

Putting it all together, here’s what November 22, 2025 looks like for Eli Lilly stock:

Momentum plus milestone: LLY is trading just below record highs, with a fresh $1 trillion market cap and strong recent gains, supported by blockbuster Q3 results and upgraded guidance. ^[32]
Visibility on access and pricing: The combination of a White House agreement on Medicare/Medicaid pricing and a direct‑to‑employer GLP‑1 model gives more clarity on long‑term demand and reimbursement – crucial for sustaining a premium valuation. ^[33]
Pipeline and science emphasis: Trillions in value are resting not only on Mounjaro and Zepbound but also on next‑gen programs like orforglipron, and today’s appointment of Dr. Carolyn Bertozzi reinforces Lilly’s focus on cutting‑edge science and ethics at the board level. ^[34]
Institutional confidence: New filings showing increased positions from institutional investors such as Mufg Securities Americas feed a narrative of sustained professional interest, even at elevated prices. ^[35]
Valuation and risk: Research pieces today stress that while some models still see modest upside, LLY trades at very rich multiples relative to peers, and the bull case depends heavily on continued dominance in a fast‑developing obesity market and successful expansion of its GLP‑1 pipeline. ^[36]

For investors, the takeaway is that Eli Lilly in late 2025 is no longer a traditional “defensive pharma” stock. It trades much more like a high‑growth mega‑cap, with all the opportunity and downside risk that implies. Anyone considering the shares needs to weigh:

The strength and durability of GLP‑1 demand
Regulatory and political risk around pricing
Competition from Novo Nordisk and potential new entrants
Execution on pipeline assets such as orforglipron and other obesity/diabetes candidates

This article is for information and news purposes only and should not be taken as financial advice. Anyone looking at LLY should carefully review their own risk tolerance, time horizon and independent research before making investment decisions.