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The big run from last week was over. Eli LillyLLY shares have fallen to around the mid-$260s because of a mix of profits being booked by investors in volatile markets, and pressures from rotational risk due to Tuesday’s rally.

Investor Day was what drove shares of Eli Lilly up to record levels last week. It was a remarkable event. The Covid antibody sales helped them increase their 2021 revenues and to exceed consensus in terms of earnings per share. Their outlook for 2022 was better than anyone could have imagined.

Analysts had feared that Lilly would experience a decline in earnings in 2022, due to the loss of Covid antibody revenue, a rise in investment, and large-scale phase 3 program funding. Last week, Eli Lilly ended that story.

• The outlook on sales was better than what the experts had predicted at the high end.
• Operating margin expansion led to expectations exceeding $8.13 in adjusted earnings per share.
• Eli Lilly would have a margin of 32% if it delivers guidance. This means the margins are up by 1,100 basis point since 2016.
• By the way: If the FDA approves Eli Lilly’s second-generation Covid cocktail treatment for cancer, then those sales would be a huge upside.

Eli Lilly also provided guidance and a showcase that was considered the best in the business. Two of the most valuable medicines with potential commercial sales of more than $10 million are tirzepatide, which is used to treat type 2 and 3 diabetes respectively (an area that Lilly has increased attention) and donanemab, which treats Alzheimer’s. The FDA will approve both drugs in 2022. This would support Eli Lilly’s growth and ensure that it continues to grow at a high level for many years. Management highlighted the potential in the oncology- and immunology pipelines, in addition to all the outstanding work Eli Lilly has done in neuroscience and obesity.

Our expectations were met and we are convinced that Eli Lilly’s multi-year bottom and top line growth stories is one of the best in large-cap pharma. Recent and forthcoming launches are fueling top-line growth. Lilly is on target to launch 20 new drugs in the next 10 years, beginning in 2014. The management’s exceptional productivity and their ability to increase margins by the mid to high 30s is what drives the earnings growth.

Investor Day is not open to everyone. We think that the roughly 6%-7% pullback has allowed investors another chance to add or start positions.

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 (Jim Cramer’s Charitable Trust was long LLY.