Rapidly climbing sales of the new obesity drug Zepbound and its counterpart for diabetes, Mounjaro, pushed Eli Lilly to a better-than-expected first quarter profit.
FILE - A sign for Eli Lilly & Co. sits outside their corporate headquarters in Indianapolis on April 26, 2017. Rapidly climbing sales of the new obesity drug Zepbound and its counterpart for diabetes, Mounjaro, pushed Eli Lilly to a better-than-expected first quarter profit, Tuesday, April 30, 2024. Rapidly climbing sales of theand its counterpart for diabetes, Mounjaro, pushed Eli Lilly to a better-than-expected first-quarter profit.
A 26% drop in sales for the diabetes treatment Trulicity softened some of the company’s gains from Mounjaro and Zepbound. Overall, Lilly’s net income jumped 67% to $2.24 billion. Earnings adjusted for one-time items totaled $2.58 per share.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 $13.50 and $14 per share. That would more than double the company’s total of $6.32 per share from 2023.Shares of Lilly jumped nearly 7% in premarket trading to $787.
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