Eli Lilly surpassed second-quarter expectations, thanks to impressive sales from its diabetes treatment Mounjaro and weight loss drug Zepbound. The company reported over $4 billion in combined sales from these two medicines. As a result, Lilly increased its full-year forecast, and its shares surged in premarket trading.
Mounjaro sales soared to nearly $3.1 billion, while Zepbound raked in $1.2 billion only two quarters post-approval. Another significant contributor was the breast cancer treatment Verzenio, which saw a 44% increase in sales, amounting to $1.3 billion. Analyst Steve Scala of TD Cowen highlighted that nearly all of Lilly's key products, including the insulin Humalog, exceeded sales expectations for the quarter.
Lilly reported a 68% rise in profit, reaching $2.97 billion, with a 36% revenue increase totaling $11.3 billion. Adjusted earnings were $3.92 per share, well above the anticipated $2.74 per share. Lilly now projects its adjusted earnings for the year to be between $16.10 and $16.60, significantly higher than the consensus of $13.69. Shares jumped over 11% to $862.27 in premarket trading. The stock previously hit an all-time high of $966.10 last month.
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