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The U.S. Food and Drug Administration approved Eli Lilly's (LLY
) Strattera drug for attention-deficit/hyperactivity disorder. ST Robinson Humphrey upgraded its rating on Lilly shares to buy.
Analyst Robert Hazlett says the company's Forteo (injectable parathyroid hormone) drug was also approved earlier than expected. He notes Strattera's market is at $2.8 billion and growing. Hazlett says drugs that treat the disorder work pretty well, but are a version of "speed", which is addicting. He says Strattera is non-addicting and could also be widely used by adults. The analyst notes his upgrade is based on the earlier-than-expected approvals signaling a big improvement with Lilly's manufacturing problems at the FDA and the potential for multiple additional approvals in 2003.
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