When you think of the path to millions, you may think of investing in high-growth technology stocks. These players often are known for periods of explosive revenue growth and stock price performance. But if you aim to add some growth to your portfolio, you don't have to invest uniquely in tech stocks.
I may surprise you when I say that, in recent years, one pharmaceutical company in particular has become a growth player. Pharma companies usually deliver slower, but steady, growth throughout various economic environments as patients always need their medicines -- so they're seen as safe bets.
This pharma company offers you this safety thanks to a broad range of products, but it also offers high growth thanks to its work in one of today's hottest markets. In fact, buying this pharma stock could help make you a millionaire retiree.
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Blockbuster revenue
The company that I'm referring to has been delivering double-digit revenue growth in recent quarters due to its leadership in the weight-loss drug market. I'm talking about Eli Lilly (LLY +0.50%) -- in the latest quarter, Lilly's weight loss portfolio brought in blockbuster revenue, at more than $10 billion.
Lilly sells tirzepatide, which is commercialized as Mounjaro for type 2 diabetes and as Zepbound for weight management. However, doctors have prescribed either of these drugs for weight loss since Mounjaro's initial approval in 2022. These drugs are part of a class called dual GIP/GLP-1 receptor agonists, and they work by stimulating hormonal pathways involved in blood sugar and appetite regulation.
NYSE: LLY
Key Data Points
Demand for Lilly's drugs as well as for those of rival Novo Nordisk has been high, even surpassing supply at times, and it hasn't shown signs of letting up. On top of this, Lilly isn't sitting still but instead is focused on expanding its weight loss portfolio -- and this expansion may happen soon. The company has applied for regulatory review of its oral candidate, orforglipron, which offers patients greater convenience than today's injectables. Lilly also recently reported phase 3 trial results from retatrutide, a candidate that may offer performance superior to today's drugs.
A market approaching $100 billion
Analysts predict that the weight loss drug market may approach $100 billion by the end of the decade, and Lilly is well-positioned to benefit.
How can Lilly make you a millionaire retiree? It's important to add this winning player to a portfolio of other quality stocks -- or, if you're new to investing, you can make Lilly one of your first purchases, but be sure to progressively include other strong companies to reach at least 25 holdings. Then, the next step is to hold onto these players for the long term. As part of this portfolio, Lilly may put you on track to retire with millions.
