1. Eli Lilly's long-term growth prospects have been secured by improved supply in H2'24 and incoming capacity additions from H1'25 onwards. 2. The introduction of its D2C channel for self-pay patients offers a new growth opportunity through uninsured patients. 3. The stock does not appear expensive at current levels with a FWD PEG non-GAAP ratio of 1.30x, well below historical levels and sector peers. 4. The GLP-1 race is likely to face intense competition with up to 16 new GLP-1 drugs potentially launched by 2029. 5. While upgrading the stock to Buy, investors should consider timing their entry points based on their risk appetite.