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.
Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
China's Bronze Age relics enchant American audience
Russian deputy defense minister detained on bribery charges
Mystery artist who erected signs comparing pothole
Here are 14 football players to watch next season from current Big 12 Conference schools
How a boy's offer of one dollar to a 'homeless man' sparked an incredible friendship
Magic hand Cavaliers worst playoff loss in franchise history, win 121
Burglar hurled stolen mobile phones at police from the top of 60ft high roof during nine
Philadelphia Eagles select cornerback Quinyon Mitchell with the No. 22 pick in the NFL draft
Strictly star Giovanni Pernice's former partner Rose Ayling
Brazil's Romário returns to training at age 58, scores twice and keeps sharp tongue