Shares of Eli Lilly & Co. are rising in premarket trading after the pharmaceutical giant raised its full-year revenue forecast following a 48% jump in second-quarter sales, fueled by accelerating demand for the diabetes drug Mounjaro and the obesity treatment Zepbound.
Lilly's second-quarter results topped Wall Street expectations: Adjusted earnings rose to $8.38 a share from $6.31 a year earlier. Revenue surged 48% to $22.97 billion, beating the $20.59 billion Bloomberg Consensus estimate.
Mounjaro generated $9.94 billion in sales, exceeding the $8.83 billion estimate, while Zepbound revenue climbed 18% from the previous quarter to $4.93 billion, ahead of the $4.64 billion estimate. Research and development spending increased 14% to $3.82 billion, below the $4.05 billion projected by analysts tracked by Bloomberg.
Here's a snapshot of 2Q earnings:
Adjusted EPS $8.38 vs. $6.31 y/y
Revenue $22.97 billion, +48% y/y, estimate $20.59 billion
- Zepbound revenue $4.93 billion, +18% q/q, estimate $4.64 billion *
R&D expenses $3.82 billion, +14% y/y, estimate $4.05 billion
Mounjaro revenue $9.94 billion, estimate $8.83 billion
"Lilly's momentum continues, as we delivered 48% revenue growth and raised our full-year guidance," Lilly CEO David A. Ricks wrote in a statement.
Lilly upgraded its full-year revenue forecast to between $85 billion and $87 billion, up from its previous range of $82 billion to $85 billion. The midpoint exceeds the $85.31 billion Bloomberg consensus estimate.
Ricks continued, "At the same time, Lilly is building for the future. With our next-generation weight-loss medicine reta
