Eli Lilly on Thursday reported third-quarter earnings and revenue that surpassed Wall Street expectations and raised its full-year financial forecast, citing surging demand for its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro.
Following the announcement, the company’s shares rose 5% in premarket trading.
The pharmaceutical giant increased its full-year revenue guidance to a range of $63 billion to $63.5 billion, up from its previous forecast of $60 to $62 billion. The company also projects its full-year adjusted profit will be between $23 and $23.70 per share, an increase from the prior outlook of $21.75 to $23.
The strong performance was fueled by Mounjaro, which generated $6.52 billion in quarterly revenue, a 109% increase from the same period a year ago. This figure significantly exceeded the $5.51 billion analysts had anticipated, according to StreetAccount.
Zepbound, its popular weight loss treatment, posted $3.57 billion in revenue for the third quarter, up 184% from the year-earlier period and slightly ahead of Wall Street’s $3.5 billion estimate.
Here is a summary of Eli Lilly’s third-quarter results compared to Wall Street expectations, based on an LSEG survey of analysts:
- Adjusted Earnings Per Share: $7.02 vs. $5.69 expected
- Revenue: $17.60 billion vs. $16.01 billion expected
The results underscore Eli Lilly’s efforts to maintain its competitive edge over rival Novo Nordisk in the booming market for GLP-1 drugs, a class of medications used for treating obesity and diabetes.
