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Lilly Soars: Weight-Loss Drugs Fuel Revenue Surge
29 Oct
Summary
- Eli Lilly raised its full-year revenue forecast significantly.
- Weight-loss drugs Mounjaro and Zepbound exceeded sales expectations.
- Third-quarter revenue and earnings surpassed analyst predictions.
Eli Lilly has elevated its full-year revenue outlook, projecting between $91 billion and $92 billion. This upward revision highlights the company's growing dominance in the lucrative GLP-1 market.
During the third quarter, Lilly reported revenue of $24.4 billion, exceeding the $22.61 billion anticipated by analysts. Adjusted profit also surpassed expectations, reaching $7.48 per share compared to the projected $6.26.
Sales for the diabetes drug Mounjaro reached $10.72 billion, while its related obesity injection Zepbound generated $5.35 billion, both outperforming Wall Street estimates. These strong figures suggest the company is effectively navigating market concerns regarding price erosion for Medicare recipients.
Additionally, Lilly's newer obesity pill, Foundayo, brought in $184 million, though this figure fell short of analyst estimates. The company's pipeline also includes retatrutide, a next-generation weight-loss candidate expected for regulatory submission next year, which has shown significant weight loss in midstage trials.
Despite a 15% drop in realized prices due to factors like inclusion on China's national reimbursement drug list for Mounjaro, Lilly's overall volume increased by 53%. The company is actively investing in growth through internal research, acquisitions, and partnerships, positioning itself for continued expansion in the competitive pharmaceutical landscape.
