Eli Lilly and Co (NYSE:LLY)’s weight loss medication Mounjaro drove impressive first-quarter earnings results for the US pharmaceuticals megacap.
Mounjaro generated worldwide revenue of $1.81 billion in the three-month period, representing an increase from $568.5 million in the first quarter of 2023. US sales alone came to $1.52 billion.
David A. Ricks, Lilly's chairman and chief executive, stated: "Our progress in addressing some of the world's most significant healthcare challenges has resulted in increased demand for our medicines.
“As we continue to make pipeline investments that position us for future growth, we are rapidly expanding manufacturing capacity to make our incretin medicines available to more patients."
Global group-wide revenue across all products surged 26% to $8.77 billion.
In response to these strong results, Eli Lilly raised its 2024 full-year revenue guidance by $2 billion, with reported EPS guidance increasing by $1.25 to range between $13.05 and $13.55.
The stock pumped nearly 7% to $788 in pre-market trades on Tuesday, a mere $4 off the all-time high achieved last month.