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.
The drugmaker also hiked its sales and earnings forecast for 2024 beyond Wall Street’s expectations even as it hustles to boost manufacturing and catch up to surging demand for the drugs.
Lilly said it was still dealing with supply issues that also hampered the company in the fourth quarter. Company officials expect that to persist through this year, but they emphasized Tuesday that help was on the way.
They expect significant manufacturing increases to occur, starting in the back half of the year.
CEO David Ricks told analysts Tuesday that Lilly was undergoing “the most ambitious expansion plan in our company’s history.”
Indianapolis-based Eli Lilly and Co. recorded $517 million in sales from Zepbound, which received approval from U.S. regulators last November. Total Mounjaro sales more than tripled to $1.81 billion from $568 million in last year’s quarter.
Everybody may love Raymond, but Ray Romano loves Peter Boyle
China continues to provide humanitarian assistance to Gaza
High School Students Recreate Masterpiece on Classroom Walls
Improved Logistics Spur Global Market in 'Double 11' Shopping Festival
Pope trip to Luxembourg, Belgium confirmed for September, 2 weeks after challenging Asia visit
Hainan free trade port development in full swing: Governor
High School Students Recreate Masterpiece on Classroom Walls
Guest Countries of Honor Attract Visitors at 6th CIIE
Travis Kelce downs whiskey shot on slice of bread at Kelce Jam without Taylor Swift
Traditional Ethnic Culture Emphasized on Campus in S China's Guangxi
Nadal returns to Roland Garros to practice amid doubts over fitness and form
Asian Para Games Day 2: China Claims 36 Golds with Tons of New Records