Eli Lilly Reports Strong Q1 Earnings, Boosts Guidance on Diabetes and Weight Loss Drugs

Eli Lilly reported better-than-expected adjusted earnings for Q1 and raised its full-year guidance due to strong sales of diabetes drug Mounjaro and newly launched weight loss treatment Zepbound, which has already exceeded $500 million in revenue during the first quarter. The weekly injection is expected to generate over a billion dollars in sales this year and potentially become the biggest pharmaceutical product ever made according to analysts, although supply shortages persist for some doses through June 2024. Eli Lilly’s net income was $2.24bn ($2.48 per share), compared with $1.34bn or $1.49 a share in Q1 last year; revenue increased by 26% to reach $8.77bn for the first quarter of this year, and shares rose around 5%. The company expects sales growth to accelerate during H2 due to an increase in incretin drug availability. Eli Lilly’s market capitalisation is approximately $700 billion as it remains the largest pharmaceutical corporation based in America. This story will be updated with further details soon.