Eli Lilly (LLY)

The sleeper story everyone's missing: manufacturing capacity, not demand or pricing, is now the binding constraint on Lilly's growth acceleration. They've exceeded production goals but still can't meet demand, making this a high-quality problem that limits upside surprise potential. The obvious headline is Foundayo's solid launch, but the real story is international Mounjaro hitting a ceiling - management quietly shifted from celebrating 'share gains' to focusing on 'patient activation,' classic language when your growth mechanics fundamentally change. Ricks was unusually direct: 'when you get to that level of share, incremental share gain is getting harder.' The financial quality is strong overall, but they've reduced international disclosure granularity and still won't report operating cash flow, both yellow flags. My view changes if Q2 shows sequential Mounjaro growth internationally or if they provide specific manufacturing capacity timelines with numbers - otherwise this becomes a volume-constrained growth story rather than a demand-driven one.