Weight Loss Drug Maker Eli Lilly Stock Soars Amid Mounjaro Sales, Diabetes Treatment In Second Quarter

Eli Lilly And Co LLY has reported Q2 sales of $$8.31 billion, up 28% Y/Y, beating the consensus of $7.58 billion, due to volume-driven growth from Mounjaro, Verzenio, Jardiance, Taltz.

Excluding revenue from Baqsimi and COVID-19 antibodies in 2022, revenue in Q2 2023 increased 22%.

New Products contributed $1.00 billion to revenue in Q2 2023, led by its diabetes drug Mounjaro, which generated sales of $979.7 million compared to a mere $16 million a year ago.

Also Read: Competition in Weight Loss Drug Space: Eli Lilly's Obesity Drug Succeeds In Two Late-Stage Studies, Shows About 26% Weight Loss.

Diabetes drug Jardiance sales increased 45% to $668.3 million.

Lilly has experienced and continues to expect intermittent delays in fulfilling orders of certain Mounjaro doses, given the significant demand. These delays have impacted and may continue to impact, volume. 

Growth Products revenue increased 16% to $4.93 billion in Q2 2023.

Eli Lilly posted an adjusted EPS of $2.11, beating the consensus of $1.99.

Guidance: The company also raised its annual revenue forecast to $33.4-$33.9 billion from prior guidance of $31.2-$31.7 billion versus the consensus of $31.44 billion.

The company sees adjusted EPS Of $9.70-$9.90 from prior guidance of $8.65-$8.85 compared to the consensus of $8.71.

Earlier on Tuesday, rival Novo Nordisk A/S NVO said its obesity drug Wegovy (semaglutide) reduced the risk of a major cardiovascular event like a stroke by 20% in overweight or obese people with a history of heart disease in a closely watched SELECT cardiovascular outcomes trial.

Price Action: LLY shares are up 9.01% at $494.99 during the premarket session on the last check Tuesday.

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