Pharma giant Eli Lilly and Co said it expects revenues to grow by 18% in 2024 to over $40 billion with the surge attributed to the growing demand for its diabetes and obesity treatments, Mounjaro and Zepbound.
The latter, an injectable weight-loss drug, achieved $175.8 million in global sales in the last quarter after receiving FDA approval in November.
Lilly's fourth-quarter earnings exceeded expectations, with total revenues reaching $9.35 billion, leading to an upward revision of its annual revenue forecast to between $40.4 billion and $41.6 billion.
The success of these drugs, part of the GLP-1 class, had driven Eli Lilly's shares up by almost 6% pre-market. However, in the first hour of trading, they retraced those gains.