The Eli Lilly logo is displayed at one of the company's offices in San Diego, California, September 17, 2020.
Mike Blake | Reuters
Eli Lilly on Thursday reported second-quarter earnings and revenue that beat expectations and raised its full-year revenue outlook by $3 billion as sales of its blockbuster diabetes drug Mounjaro and weight-loss injection Zepbound surge.
The drugmaker now expects full-year adjusted earnings of $16.10 to $16.60, down from prior guidance of $13.50 to $14.00 per share.
The company also expects revenue for the year to be between $45.4 billion and $46.6 billion, up $3 billion at both ends of the range.
The results come nearly a week after the Food and Drug Administration said all doses of Zepbound and Mounjaro are available in the U.S. after a prolonged shortage. Demand has far outstripped supply of these incretin drugs, which mimic hormones produced in the gut to suppress a person’s appetite and regulate blood sugar.
Here's what Eli Lilly reported for the second quarter compared with what Wall Street expected, according to a survey of analysts by LSEG:
- Earnings per share: $3.92 adjusted vs. $2.60 expected
- Revenue: $11.3 billion versus the expected $9.92 billion
Eli Lilly shares are up more than 30% this year after surging nearly 60% in 2023 on rising demand for the company’s weight-loss and diabetes drugs, and increased investor interest in its potential as a treatment for other health conditions. That popularity comes despite its high monthly prices, inconsistent insurance coverage and intermittent supply shortages.
With a market capitalization of over $730 billion, Eli Lilly is the largest U.S.-based pharmaceutical company.
