INDIANAPOLIS (AP) — Eli Lilly blew past second-quarter expectations with the diabetes treatment Mounjaro and its weight loss counterpart Zepbound funneling more than $4 billion in sales to the drugmaker.
Lilly also hiked its forecast for the year well beyond Wall Street expectations as newer drugs like Zepbound built momentum.
The company’s shares soared before markets opened Thursday after Lilly detailed its quarterly results.
Mounjaro sales more than tripled in the quarter to nearly $3.1 billion. Zepbound, which is made from the same molecule, brought in $1.2 billion two quarters after regulators approved the drug.
Sales of the breast cancer treatment Verzenio also climbed 44% to $1.3 billion.
TD Cowen analyst Steve Scala said in a research note that nearly all of the company’s key products beat sales expectations for the quarter. That list includes the insulin Humalog, with $632 million in revenue.
Overall, Lilly’s profit rose 68% to $2.97 billion. Revenue climbed 36% to $11.3 billion. Adjusted earnings totaled $3.92 per share .
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Analysts expected earnings of $2.74 per share on $9.97 billion in revenue, according to FactSet.
Lilly now says its adjusted earnings should range between $16.10 and $16.60 for the year. That’s more than $2 higher than the Wall Street consensus for $13.69.
Lilly also had raised its forecast beyond expectations when it reported first-quarter results in April.
Shares of Indianapolis-based Eli Lilly and Co. jumped more than 11%, or nearly $9, to $862.27 in premarket trading.
The stock has already set several new all-time high prices this year, the latest happening last month when shares reached $966.10.
