From Investing.com: 2024-04-30 10:22:33

Eli Lilly raises annual sales forecast by $2 billion due to strong demand and increased manufacturing capacity for weight-loss drugs Zepbound and Mounjaro. CEO David Ricks prioritizes increased production to address shortage caused by high demand. Lilly’s market value now exceeds $700 billion, surpassing Tesla and Walmart.

Demand for weight-loss drugs from Eli Lilly and Novo Nordisk is on the rise, with the weight-loss market projected to reach $100 billion by the end of the decade. GLP-1 agonists Mounjaro and Zepbound are in high demand, with GLP-1 drugs shown to help patients lose up to 20% of their weight.

Sales of Zepbound reached $517.4 million in the first quarter, surpassing analysts’ expectations, while Mounjaro saw sales surge to $1.81 billion. Despite strong initial sales, Zepbound prescriptions are falling behind Novo Nordisk’s Wegovy. Lilly now expects 2024 revenue to reach $42.4 billion to $43.6 billion, raising its profit forecast.

Eli Lilly reported an adjusted profit of $2.58 per share, surpassing analysts’ expectations by 12 cents. Shares of Lilly, up 26% year-to-date, soared by 5.8% to $779.72 in early trading. The company is making efforts to increase production to meet the growing demand for weight-loss drugs in the market.



Read more at Investing.com: Weight-loss drug drives Eli Lilly to raise 2024 sales forecast by $2 billion By Reuters