Eli Lilly, a titan in the pharmaceutical industry, has exceeded quarterly expectations with its newest weight loss medication, Zepbound, and robust sales of its diabetes drug, Mounjaro. On Tuesday, the company unveiled its fourth-quarter earnings that glided past analysts’ forecasts, backed by Zepbound’s strong market debut and escalated prices for Mounjaro.
In a remarkable feat for a new product, Zepbound secured $175.8 million in sales within the last quarter, following its approval by U.S. regulators in early November. Its successful launch signals healthy market demand and marks an auspicious start for the drug’s sales.
Analysts maintain a bullish stance on Zepbound, projecting sales in excess of one billion dollars within its inaugural year—an achievement that may set it on course to become one of the most lucrative drugs in history. The impressive quarterly report is the first to incorporate Zepbound’s performance, magnifying Eli Lilly’s market footprint.
Before the bell on Tuesday, shares of Eli Lilly climbed approximately 5%, buoyed by the positive financial news. The company reported revenue of $9.35 billion for the quarter, representing a stride of 28% over the previous year’s comparable timeframe.
Looking ahead, Eli Lilly’s 2024 outlook appears promising, aligning closely with market anticipations. The pharmaceutical juggernaut forecasts adjusted per-share earnings ranging from $12.20 to $12.70 and anticipates revenues between $40.4 billion and $41.6 billion for the full year.
Last year, Eli Lilly shares surged by roughly 60%, as its weight loss treatments drew immense interest from consumers, despite substantial costs, varying insurance acceptance, and several undesirable side effects. Currently standing as the largest U.S.-based pharmaceutical corporation with a market capitalization near $673 billion, Eli Lilly continues to dominate the healthcare sector.