What's Going On With Eli Lilly Stock Wednesday?

Year-to-date, Eli Lilly And Company’s LLY shares have gained almost 25%, with its enterprise value surpassing $700 billion, according to data from Benzinga Pro.

The shares are trading with a session volume of $13.895K, compared to an average volume of 3.156 million.

The shares are riding higher on unprecedented demand for Mounjaro and Zepbound, containing tirzepatide as the key ingredient.

In support of Eli Lilly’s tirzepatide expectations, BMO Capital Markets is tracking weekly Mounjaro, Zepbound, GLP-1 category TRx (total prescriptions), and NRx (new prescriptions). 

The analyst models $12.78 billion for the fiscal year 2024 tirzepatide revenues. 

Mounjaro, for diabetes, scripts grew to 313,019 TRx (+5.4% WoW); Zepbound, for weight loss, was 56,095 (+11.8% WoW). 

Last week, Eli Lilly 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. 

Eli Lilly is working to fill the short supply gap; the company expects that demand for incretins will outpace supply in 2024.

The company has doubled its production capacity for incretin drugs. 

On Tuesday, Eli Lilly’s partner BioAge Labs raised $170 million in a Series D financing round.

The funding will support Phase 2 clinical development of BioAge’s lead compound azelaprag in combination with Zepbound (tirzepatide) and other incretins for obesity. 

The studies with Zepbound are expected to begin in mid-2024.

Price Action: LLY shares are trading higher by 2.66% at $762.74 on the last check Wednesday.

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