Eli Lilly and Co (NYSE:LLY) stock is seen higher ahead of Tuesday’s open after the company reported a strong, expectations-beating, second-quarter performance led by type-2 diabetes drug Mounjaro.
Revenue for the quarter increased by 28% year-over-year, totalling US$8.3 billion, beating Wall Street forecasts for US$7.58 billion, with the company highlighting "volume-driven growth".
It also included a US$579 million boost from the sale of rights for nasal hypoglycemia treatment Baqsimi.
Earnings per share (EPS) (non-GAAP) came in at US$2.11, up 69% year-over-year, beating Wall Street expectations of US$1.98, on US$1.9 billion of net income (GAAP EPS was US$1.95 on US$1.7 billion of net income).
Eli Lilly’s key growth drugs segment saw revenue increasing 16% to US$4.93 billion.
"Lilly's financial results in Q2 were led by Mounjaro sales and a strong performance from growth products," said chief executive David Ricks.
"Exciting scientific breakthroughs encourage us to continue to make significant investments that support our new medicines."
The pharma company raised its 2023 reported EPS guidance (non-GAAP) to the range of US$9.70 to US$9.90 (and GAAP guidance moves to US$9.20 to US$9.40).
The results reflect a solid performance by Eli Lilly, meeting market expectations and emphasizing its commitment to growth and innovation in the pharmaceutical industry.
In New York, Eli Lilly shares traded up US$36.36 or 8.01% to change hands at US$490.44 in premarket dealing.