Eli Lilly shares jumped in premarket Tuesday after the company reported better-than-expected fourth quarter results and revised its 2024 forecast ahead of expectations, amid soaring demand for its diabetes drug Mounjaro and newly-approved weight loss drug Zepbound.
Eli Lilly reported strong profits helped by Mounjaro and Zepbound.
Eli Lilly reported global revenues of $9.35 billion during the last three months of 2023, an increase of nearly 30% from the same period the year before.
This was buoyed by strong sales and higher prices of Mounjaro, the company’s blockbuster diabetes drug, which raked in $2.2 billion, as well as the launch of Zepbound, its newly-approved weight loss drug, which pulled in $175.8 million.
The company revised its sales forecasts upwards for the upcoming year, estimating annual sales in the range of $40.4 billion to $41.6 billion.
Eli Lilly shares were up nearly 5% during premarket trading
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