Eli Lilly beats earnings expectations and raises full-year revenue outlook

From CNBC: 2024-08-08 16:15:38

Eli Lilly reported second-quarter earnings and revenue that exceeded expectations, raising its full-year revenue outlook by $3 billion due to increased sales of Mounjaro and Zepbound. The company closed over 9% higher on Thursday, expecting revenue between $45.4 billion and $46.6 billion for the year, with adjusted earnings raised to $16.10 to $16.60 per share.

The strong performance of Mounjaro and Zepbound drove Eli Lilly’s guidance increase, with new production expansions and supply improvements. The company faced supply challenges due to high demand for incretin drugs, but the FDA’s database indicates Zepbound and Mounjaro availability in the U.S. Following the ramp-up in production with new hires and manufacturing plants, production is anticipated to be 50% higher in the second half of 2024.

Eli Lilly surpassed Wall Street expectations with earnings per share of $3.92 and revenue of $11.30 billion for the second quarter. Sales were driven by rising demand for Mounjaro and Zepbound, with Zepbound generating $1.24 billion in sales and Mounjaro recording $3.09 billion in revenue. The expected increase in demand may lead to periodic “supply tightness” for specific drug doses.



Read more at CNBC: Eli Lilly (LLY) earnings Q2 2024