Tuesday, Eli Lilly And Co LLY reported fourth-quarter of 2023 revenue of $9.35 billion, up 28% Y/Y, beating the consensus of $8.93 billion driven by increases of 16% due to higher realized prices, 11% in volume, and 1% from the favorable impact of foreign exchange rates.
Higher realized prices were driven by the diabetes drug Mounjaro in the U.S., partially offset by lower realized prices for Humalog and Trulicity.
New Products revenue grew by $2.19 billion to $2.49 billion in the quarter, led by Mounjaro and Zepbound. Growth Products revenue increased 9% to $5.27 billion, led by Verzenio and Jardiance.
Related: Eli Lilly Wants to Expand Access to Weight-Loss Treatments In Germany, In Talks With Government.
Mounjaro (Type 2 diabetes injection) sales reached $2.21 billion, compared to just $279.2 million a year ago.
Lilly has experienced and continues to expect intermittent delays in fulfilling orders of certain Mounjaro doses, given the significant demand, which is expected to affect volume.
Verzenio (breast cancer drug) sales increased 42% to $1.15 billion. Diabetes drug Jardiance sales increased 30% to $791.1 million.
Eli Lilly posted an adjusted EPS of $2.49, beating the consensus of $2.19, up 19% Y/Y.
Zepbound (obesity drug) sales reached $175.8 million since it received FDA approval in November 2023.
Guidance: Eli Lilly forecasts fiscal year 2024 sales of $40.4 billion-$41.6 billion versus the consensus of $39.14 billion and fiscal year 2023 sales of $34.12 billion.
The growth is expected to be primarily driven by New Products, partially offset by an expected continuation of the decline in Trulicity sales.
Eli Lilly says it continues to execute its manufacturing expansion agenda; however, given robust demand and the time required to bring manufacturing capacity fully online, the company expects that demand for incretins will outpace supply in 2024.
The company sees fiscal year 2024 adjusted EPS of $12.20-$12.70 versus consensus of $12.38.
Price Action: LLY shares are up 4.79% at $740.00 on the last check Tuesday.
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