:max_bytes(150000):strip_icc()/GettyImages-2126120123-0074224acaa24071adc6a3055ac2e51d.jpg "Eli Lilly shares continue to rise after pharmaceutical company’s strong earnings report")
Eli Lilly shares continue to rise after pharmaceutical company’s strong earnings report
Key findings
- Eli Lilly shares posted gains for the second day in a row following the release of the pharmaceutical company’s stunning second-quarter earnings report.
- Lilly beat its earnings and revenue forecasts and raised its guidance as the company reported a sharp increase in sales of its weight-loss drugs Mounjaro and Zepbound.
- Sales of Mounjaro and Zepbound accounted for nearly 40% of Lilly’s quarterly revenue.
Eli Lilly (LLY) investors continued to benefit from the positive development that the pharmaceutical company triggered with its convincing earnings report for the second quarter.
Shares rose sharply for a second straight day on Friday after Lilly reported earnings and revenue that beat analysts’ forecasts and raised its forecast, driven by enthusiasm for its weight-loss products Mounjaro and Zepbound.
Mounjaro’s sales rose 215% to $3.09 billion by 2023, nearly three times as much as Lilly’s second-best-selling drug, breast cancer drug Verzenio, whose sales rose 44%, overtaking the previous No. 2 diabetes drug Trulicity.
The company’s other weight-loss drug, Zepbound, was not available until November, but at $1.24 billion it was Lilly’s fourth-best-selling product. Together, Mounjaro and Zepbound accounted for nearly 40 percent of Lilly’s quarterly sales.
Executives warn of “periodic supply bottlenecks”
Company officials noted that demand for Mounjaro and Zepbound is strong and growing, but warned that this could lead to “temporary supply shortages” even as Lilly ramps up production.
Eli Lilly shares, which rose 5.6 percent to $891.40 at 2:30 p.m. ET on Friday, have risen 15 percent since the report was released and are up about 53 percent since the beginning of the year.
