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.
Garcia, Winker go deep as Nats end slide, beat struggling Twins 12
Head and Sharma's electrifying opening stand earns Hyderabad 10
A Cambodian court sentences a union leader to 18 months in prison for comments on Facebook
2 young children die after being swept away by fast
Hometown of Laura Ingalls Wilder set for a growth spurt
UK Prime Minister Sunak suffers further blow as another Conservative lawmaker defects to Labour
Selena Gomez says she is releasing her pent
Tiger Woods to feature at PGA Championship along with 16 LIV golfers
Devers sets Red Sox record by homering in his 6th consecutive game
Wayne Bennett, at 74, signs a 3
Families of the victims of attacks on displaced people in Congo mourn their dead