13 Best Pharma Dividend Stocks To Buy In 2024

2. Eli Lilly and Company (NYSE:LLY)

Dividend Yield as of December 28: 0.78%

Number of Hedge Fund Holders: 106

Eli Lilly and Company (NYSE:LLY) is a global pharmaceutical company that offers treatments for diabetes, oncology, rheumatoid arthritis, psoriasis, migraines, and more. The company’s main products include Humalog, Trulicity, Alimta, and Taltz. Eli Lilly and Company (NYSE:LLY) also focuses on RNA and DNA-based therapies at its Lilly Seaport Innovation Center.

Eli Lilly and Company (NYSE:LLY)’s revenue grew by 42% in Q3 2024, driven by strong sales of Mounjaro and Zepbound, with US demand continuing to rise. Non-incretin product revenue grew by 17%. The main milestones included the approval of Ebglyss for atopic dermatitis, Kisunla for Alzheimer’s, and positive data from studies on tirzepatide and donanemab. Eli Lilly and Company (NYSE:LLY) also expanded its manufacturing footprint, investing nearly $2 billion in Ireland and committing $4.5 billion to develop the Lilly Medicine Foundry in Indiana. The company returned $1.6 billion to shareholders and saw a 13% increase in R&D expenses. Gross margin improved to 82.2%, and earnings per share rose to $1.18, up from $0.10 in Q3 2023.

The Egyptian Drug Authority has granted approval for EVA Pharma’s insulin glargine injection, developed in collaboration with Eli Lilly and Company (NYSE:LLY). This approval marks an important milestone in their 2022 partnership, which aims to provide affordable insulin to one million people with diabetes in low- and middle-income countries, particularly in Africa. Eli Lilly and Company (NYSE:LLY) supplies the active ingredient at a discounted price and supports EVA Pharma with technology transfer to locally manufacture the insulin. This initiative is part of Eli Lilly’s 30×30 goal, aimed at enhancing healthcare access for 30 million people annually in underserved regions by 2030.

On December 10, Eli Lilly and Company (NYSE:LLY) increased its quarterly dividend by 15.4%, raising it from $1.30 to $1.50 per share. The dividend will be paid on March 10, 2024, to shareholders on record as of February 14.

Eli Lilly and Company (NYSE:LLY) is a favorite pharma stock among hedge funds. 106 Wall Street funds were bullish on Eli Lilly and Company (NYSE:LLY) at the end of Q3 2024, up from 100 funds in the earlier quarter.