Eli Lilly boosts 2024 outlook from blockbuster obesity drugs
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The news: Eli Lilly, the maker of diabetes and weight loss drug Zepbound raised its 2024 revenue forecast driven by stronger-than-expected sales of the blockbuster drugs.
The numbers: 2024 revenue was lifted by USD3 billion ($4.56 billion) to between USD45.4 billion and USD46.6 billion. Second-quarter revenue soared 36% to USD11 billion and net income surged 68% to USD2.97 billion, surpassing analyst expectations.
The result, along with its second guidance upgrade this year, sent Eli Lilly's shares up as much as 13.7% before paring back some gains to trade 8% higher in the afternoon session.
The context: The news followed results from rival Novo Nordisk on Wednesday that missed expectations. Novo showed weaker-than-expected sales of its obesity drug Wegovy amid manufacturing issues and trimmed its full-year profit outlook.
What they said: Analysts from BMO Capital Markets said the result suggested Eli Lilly was besting Novo Nordisk and “pulling ahead in the metabolic duopoly,” The Financial Times reported.
The sources: Eli Lilly , The Financial Times , Bloomberg
