Eli Lilly and Co. reported strong second-quarter results, beating Wall Street estimates and prompting the company to raise its full-year revenue forecast by $3 billion.
Eli Lilly and Co.'s second-quarter earnings surpassed Wall Street estimates as sales of its blockbuster weight-loss drugs soared.
"Mounjaro, Zepbound and Verzenio led our strong financial performance in the second quarter as we advanced our manufacturing expansion agenda," CEO David Ricks said in a statement.
During the three-month period, Lilly notched $11.3 billion in global revenue, surpassing the $9.92 billion that Wall Street expected. Adjusted earnings per share came in at $3.92, which also beat Wall Street estimates of $2.60 per share.
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Given "the strong performance of Mounjaro and Zepbound," the pharmaceutical giant said it raised its full-year revenue outlook by $3 billion to a range of $45.4 billion to $46.6 billion.
During the three-month period, global revenue for Mounjaro reached $3.09 billion, an increase from $979.7 million during the same period a year ago. U.S. revenue alone notched $2.41 billion compared with $915.7 million during the same period a year ago.
In the U.S., revenue from Zepbound, which has only been on the market since last fall, has already hit $1.24 billion.
WEIGHT-LOSS MEDICATION SHORTAGE CREATES MARKET FOR BOGUS DRUGS
Lilly's tirzepatide was first approved to treat Type 2 diabetes and sold under the brand name Mounjaro in 2022.
In November 2023, federal officials approved the injection, sold under the brand name Zepbound, for adults with obesity or those who are overweight and also deal with weight-related medical issues such as hypertension, dyslipidemia or Type 2 diabetes mellitus.
The drug is among a growing number of versions, like Novo Nordisk's semaglutide, that companies have developed to gain a foothold in the lucrative weight-loss industry.
By 2030, the sector is projected to reach $105 billion, but could reach as high as $144 billion, according to Morgan Stanley.
Lilly's report comes just a day after Novo Nordisk lowered its full-year forecast as sales of its weight-loss drug, Wegovy, missed expectations.
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Still, it hasn't wavered on plans to ramp up supply of the popular weight-loss drug.
The company reported that sales of Wegovy and Ozempic, its most popular weight-loss-related drugs that have sparked frenzied demand, came in below Wall Street estimates during the fiscal second quarter.
CFO Karsten Munk Knudsen told Yahoo Finance that Wednesday's report was just "a blip" and that the company is still scaling Wegovy "significantly."
