.August 8, 2024 03:35 PM

Eli Lilly & Co. (NYSE:LLY) reported strong Q2 earnings, with EPS of $3.92, beating estimates of $2.75. Revenue reached $11.3 billion, surpassing analyst expectations and prompting a 9% share price surge.

Despite a 31% decrease in revenue for diabetes treatment Trulicity, the weight-loss drug Mounjaro generated $3.09 billion, exceeding the estimated $2.37 billion. Cancer treatment Verzenio saw a 44% revenue increase to $1.33 billion, above the estimate of $1.23 billion.

Eli Lilly raised its full-year EPS guidance by $2.05 to a range of $15.10 to $15.60, and non-GAAP EPS guidance by $2.60 to $16.10 to $16.60.

The company also increased its full-year revenue guidance for 2024 by $3 billion, now expecting revenue between $45.4 billion and $46.6 billion.