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.
Grant Shapps vows he WILL find more planes for mass parachute drop to mark 80th anniversary of D
Mexico evacuates 34 citizens from violence
Hamas says UNSC resolution demanding Gaza truce shows Israel's isolation
China launches nationwide crackdown on trafficking of women, children
Trump or Biden? Either way, US seems poised to preserve heavy tariffs on imports
Mexico evacuates 34 citizens from violence
Pakistani president expresses condolences to Chinese citizens killed in terrorist attack
Who is Abi Carter? Inside the American Idol winner's unconventional family life
In pics: artistic gymnastics competitions at Chengdu Universiade
Online reading or offline clubs? Young Chinese embrace both in digital era
FISU Games torch relay highlights global youths' determination to chase dreams