Everyone Thinks the Eli Lilly Story Is Played Out. Cramer Thinks They're Dead Wrong

Eli Lilly’s stock narrative is being challenged after Monday’s selloff in drug shares, which Jim Cramer described as a “vicious rotation” tied to unwinding crowded trades. Cramer argued on Tuesday that the market’s view—that the Mounjaro story is “played out”—is wrong, citing a fresh JPMorgan note pointing to “potential upside from Mounjaro international” and U.S. obesity-market growth “much higher than people think.” Eli Lilly (NYSE: LLY) closed Monday at $1,200.06 and rose 2.63% on Tuesday during the segment. The article notes Lilly trades around $1.16 trillion in market value at about 44x trailing earnings and 33x forward, and that realized prices for Mounjaro and Zepbound fell 13% last quarter. It says Mounjaro generated $8.66 billion in Q1 2026 revenue, up 125% year over year, with international sales up 81% in part due to China adding it to the National Reimbursed Drug List.