Stocks have swooned this month in response to stubbornly high inflation, which economists expect will result in another round of aggressive interest rate hikes by the Federal Reserve later this year. In 2023, Lilly's shares have underperformed the broader markets due to its premium valuation, a minor quarterly sales miss for its newly approved diabetes drug Mounjaro, and an initial marketwide rotation out of defensive stocks to start the year. Growth-wise, industry experts expect Mounjaro sales to rapidly rise this year in response to broader insurance coverage and a possible weight loss label expansion.