TOP LINE: Eli Lilly shares surged in premarket trading on Tuesday following the company’s announcement of fourth-quarter results that surpassed expectations. The upward revision of its 2024 forecast was driven by robust demand for the diabetes drug Mounjaro and the recently introduced weight loss drug Zepbound.
KEY FACTS: Eli Lilly recorded global revenues of $9.35 billion in the last quarter of 2023, marking a nearly 30% increase compared to the same period the previous year.
The strong performance was attributed to the robust sales and increased pricing of Mounjaro, the company’s prominent diabetes drug, generating $2.2 billion. Additionally, the newly-launched weight loss drug, Zepbound, contributed $175.8 million.
The company adjusted its sales projections upward for the upcoming year, anticipating annual sales to fall within the range of $40.4 billion to $41.6 billion.
During premarket trading, Eli Lilly shares experienced a nearly 5% increase