10 Best Growth Stocks To Buy Now According To Billionaire Ray Dalio

6. Eli Lilly and Company (NYSE:LLY)

Latest Fiscal Year Annual Growth Rate: 19.56%

Bridgewater Associates’ Q1 2024 Investment: $218 million

Eli Lilly and Company (NYSE:LLY) is the well known healthcare giant that’s been in the news for months because of its weight loss drugs. The story of Eli Lilly and Company (NYSE:LLY)’s Mounjaro shows that in the rare case when big firms do innovate, they benefit far more than smaller firms due to their ability to completely disrupt the industry courtesy of economies of scale. Eli Lilly and Company (NYSE:LLY) also benefits from its scale by having a diversified medicine portfolio which sees its diabetes treatment Trulicity, breast cancer treatment Verzenio, and immune system drug Tartz also contribute to a significant portion of its revenue. The firm is also currently undertaking phase three clinical trials for Orforglipron, a potential low cost weight loss/diabetes drug and phase three trials for a potential Mounjaro successor. If commercialized successfully, these drugs could set up Eli Lilly and Company (NYSE:LLY) well for years to come.

Baron Funds is also quite optimistic about Eli Lilly and Company (NYSE:LLY). Here’s what it had to say during its Q1 2024 investor letter:

Eli Lilly and Company is a global pharmaceutical company that discovers, develops, manufactures, and sells medicines in the categories of diabetes, oncology, neuroscience, and immunology, among other areas. Stock performance was strong due to robust fourth quarter sales of Mounjaro/ Zepbound, better-than-anticipated initial guidance for fiscal year 2024, and ongoing enthusiasm surrounding the company’s obesity and diabetes franchises. We continue to think Lilly is well positioned to grow revenue and earnings at attractive rates through the end of the decade and beyond.