The stock of Eli Lilly is up 11% after the pharmaceutical company reported second-quarter financial results that blew past Wall Street’s forecasts.
Indianapolis-based Eli Lilly also raised its full-year revenue guidance by $3 billion U.S. as sales of its blockbuster diabetes drug Mounjaro and weight loss medication Zepbound takeoff.
The company announced earnings per share (EPS) of $3.92 U.S., which was well ahead of the $2.60 U.S. expected among analysts.
Revenue of $11.30 billion U.S. surpassed the $9.92 billion U.S. forecast on Wall Street. Sales were up 36% from a year earlier.
The leading drugmaker said that it now expects full-year earnings of $16.10 U.S. to $16.60 U.S. a share, up from previous guidance of $13.50 U.S. to $14 U.S. per share.
Revenue for the year is now forecast at between $45.40 billion U.S. and $46.60 billion U.S., an increase of $3 billion U.S. at both ends of the previous range.
Eli Lilly credited the strong Q2 results and raised guidance to accelerating sales of both Mounjaro and Zepbound.
Management said that they continue to ramp-up production with plans to expand Mounjaro to international markets in coming months.
Both Zepbound and Mounjaro have struggled with shortages in the U.S. over the past six months. However, those supply issues appear to be easing.
In recent days, the U.S. Food and Drug Administration (FDA) said that all doses of Zepbound for weight loss and Mounjaro for diabetes are available in the U.S. after extended shortages.
This was Zepbound’s second full quarter of availability in the U.S. after securing FDA approval last November. The drug’s Q2 sales totaled $1.24 billion U.S., well above the $922 million U.S. that analysts had anticipated.
Sales of Mounjaro amounted to $3.09 billion U.S. in Q2, more than triple the amount from a year ago. Analysts had forecast Q2 sales of $2.39 billion U.S.
Before today (Aug. 8), the stock of Eli Lilly had risen 48% over the last 12 months to trade at $772.14 U.S. per share.
