The success of Eli Lilly’s weight loss and diabetes drugs Zepbound and Mounjaro caused the company to hike its guidance.
Eli Lilly reported second-quarter earnings and revenue that blew past expectations and hiked its full-year revenue outlook by $3 billion as sales of its blockbuster diabetes drug Mounjaro and weight loss injection Zepbound spike.
The drugmaker now expects full-year adjusted earnings of $16.10 to $16.60, up from a previous guidance of $13.50 to $14 per share. The company also expects revenue for the year to come in between $45.4 billion and $46.6 billion, an increase of $3 billion at both ends of the range.on Thursday reported second-quarter earnings and revenue that blew past expectations and hiked its full-year revenue outlook by $3 billion as sales of its blockbuster diabetes drug Mounjaro and weight loss injection Zepbound spike.The drugmaker now expects full-year adjusted earnings of $16.10 to $16.60, up from a previous guidance of $13.
The company also expects revenue for the year to come in between $45.4 billion and $46.6 billion, an increase of $3 billion at both ends of the range.in the U.S. after extended shortages. Demand has far outstripped supply for those incretin drugs, which mimic hormones produced in the gut to suppress a person's appetite and regulate their blood sugar.
Here's what Eli Lilly reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Shares of Eli Lilly are up more than 30% this year after jumping almost 60% in 2023 due to the soaring demand for the company's weight loss and diabetes drugs – and increased investor interest in their potential as treatments for other health conditions.
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