A sign with the company logo sits outside of the headquarters of Eli Lilly in Indianapolis, Indiana, on March 17, 2024.
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Eli Lilly on Thursday reported third-quarter earnings and revenue that topped estimates and hiked its full-year outlook, as the company continued to see strong demand for its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro.
Shares of the company rose 5% in premarket trading Thursday.
The pharmaceutical giant now expects its fiscal 2025 revenue to come in between $63 billion and $63.5 billion, up from a previous guidance of $60 to $62 billion. Eli Lilly also expects full-year adjusted profit to come in between $23 and $23.70 per share, up from its previous outlook of $21.75 to $23 a share.
Mounjaro raked in $6.52 billion in revenue for the quarter, up 109% from the same period a year ago. That blew past the $5.51 billion that analysts were expecting, according to StreetAccount.
Zepbound, which entered the market roughly two years ago, posted $3.57 billion in revenue for the third quarter. That’s up 184% from the year-earlier period and slightly ahead of the $3.5 billion that Wall Street was expecting, according to StreetAccount estimates.
Here’s what Eli Lilly reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $7.02 adjusted vs. $5.69 expected
- Revenue: $17.60 billion vs. $16.01 billion expected
The results come as Eli Lilly works to maintain its edge over chief rival Novo Nordisk in the booming market for a class of obesity and diabetes drugs called GLP-1s.
This story is developing. Please check back for updates.
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