Rapidly climbing sales of the new obesity drug Zepbound and its counterpart for diabetes, Mounjaro, pushed
The drugmaker also hiked its sales and earnings forecast for 2024 beyond
Lilly said it was still dealing with supply issues that also hampered the company in the fourth quarter. Company officials expect that to persist through this year, but they emphasized Tuesday that help was on the way.
They expect significant manufacturing increases to occur, starting in the back half of the year.
CEO
Sales of the breast cancer treatment Verzenio also jumped 40% to top
Those drugs helped the company’s total revenue rise 26% to
A 26% drop in sales for Trulicity softened some of the company’s gains from Mounjaro and Zepbound. Lilly said it also dealt with supply constraints for the diabetes treatment.
Lilly also booked higher costs in the quarter.
Research and development expenses jumped 27% to
Lilly is seeking regulatory approval for a potential Alzheimer's disease treatment, donanemab. It also plans to expand the use of tirzepatide, the molecule behind Mounjaro and Zepbound, to treat obstructive sleep apnea.
Overall, Lilly’s net income jumped 67% to
For the full year, Lilly raised its forecasted range for adjusted earnings per share by more than a dollar. It now expects earnings of between
The company also raised its full-year revenue guidance by
Analysts forecast adjusted earnings of
Shares of Lilly jumped nearly 5% to
The stock had already climbed 26% so far this year. It topped
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