Eli Lilly Raises Forecast Amid Soaring Zepbound and Mounjaro Sales
Eli Lilly & Co. has raised its full-year revenue guidance by $3 billion, now projecting 2024 sales between $45.4 billion and $46.6 billion, up from the previously forecasted $42.4 billion to $43.6 billion. This adjustment comes on the back of strong sales from its GLP-1-based diabetes drug Mounjaro and weight-loss drug Zepbound. The company also increased its adjusted earnings per share guidance to a range of $16.10 to $16.60, up from the prior estimate of $13.50 to $14.60.
In the second quarter, Eli Lilly reported revenues of $11.3 billion, surpassing analyst expectations of $9.9 billion. Mounjaro alone generated $3.09 billion in sales, accounting for nearly 40% of the company's total revenue for the quarter. The strong performance of these drugs contributed to a 68% increase in quarterly profit, which reached $2.97 billion. Eli Lilly's shares have risen by over 9% following these announcements.
The company is also addressing supply issues for these in-demand drugs, with the FDA confirming that all doses of Mounjaro and Zepbound are now available in the U.S. To meet the rising demand, Eli Lilly plans to invest in new manufacturing lines. This comes amidst a backdrop of manufacturing challenges faced by both Eli Lilly and its rival Novo Nordisk. Despite these hurdles, Eli Lilly's market cap has grown significantly, positioning it as the largest pharmaceutical company in the U.S.
