"In fact, Lilly has now been running for nine straight sessions. It's the best-acting stock in the entire S&P 500," the "Mad Money" host said. "That would be incredible even in a healthy market, but in the middle of a horrific sell-off, one based on inflation worries, this is downright stunning."
But it wasn't always rosy for Eli Lilly. A few months ago, the bears pounced on the pharmaceutical giant with theories that one of its key franchises, the diabetes business, was going to be weakened by industry competition.
Sure enough, Eli Lilly managed to turn the story on its head, announcing a series of good news related to its diabetes drugs and spinning off Elanco, its animal health business.
"Bears just simply underestimated this great American institution and they should have to pay for it and be called out," Cramer said. "The next time someone tells you a scary story about how a high-quality company is going to get poleaxed by the competition, remember what I just described about Eli Lilly. The bears freaked you out [with a] nightmarish tale of market share losses, but it turns out that the story had nothing to do with reality. They just hadn't done their homework."