Here are JPMorgan's top drug stock picks into earnings

JPMorgan is eyeing a few drug manufacturers ahead of their earnings reports as investors continue to sell out of major technology firms. Major market trends in the first half of 2024 have shifted and sparked a rotation out of large technology stocks into less-loved areas of the market, including value stocks and small caps. The S & P 500 dropped about 0.8% last week, while the Dow Jones Industrial Average — whose constituents include Johnson & Johnson and Merck — added nearly 0.8%.

The analyst notes that any potential upside in the quarter from Mounjaro and Zepbound — Lilly's tirzepatide medications that treat Type 2 diabetes and manage weight, respectively — could be offset from supply chain headwinds tied to diabetes treatment Trulicity. LLY YTD mountain Eli Lilly stock. Over the long term, however, Schott forecasts sales of Mounjaro and Zepbound growing from $16.5 billion in 2024 to $27 billion and $36.5 billion in 2025 and 2026, respectively.

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