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Eli Lilly to rally 20% on new drugs, Goldman says

Bottles of Eli Lilly's Cialis brand medication on a pharmacy shelf in Princeton, Illinois.
Daniel Acker | Bloomberg | Getty Images

Goldman Sachs upgraded Eli Lilly shares to buy from neutral, citing confidence in the company's pipeline even if its Alzheimer drug doesn't get approved.

"We believe LLY is entering a long lasting period of accelerating revenue and EPS growth driven by a diversified late stage pipeline propelling many years of margin expansion," analyst Jami Rubin wrote in a note to clients Tuesday.

"We view Solanezumab (Alzheimer's asset) as high risk, albeit a very valuable asset if it works."