Eli Lilly blew past second-quarter expectations with the diabetes treatment Mounjaro and its weight loss counterpart Zepbound funneling more than $4 billion in sales to the drugmaker. Lilly also hiked its forecast for the year well beyond Wall Street expectations as newer drugs like Zepbound built momentum.
FILE - A sign for Eli Lilly & Co. appears outside their corporate headquarters in Indianapolis on April 26, 2017. The company’s shares soared before markets opened Thursday after Lilly detailed its quarterly results.
Leerink Partners analyst David Risinger noted that insurance coverage of Zepbound is improving, and Mounjaro sales outside the United States exceeded expectations. However, company executives cautioned that patients could still encounter delays when filling prescriptions at drugstores. They told analysts on a conference call Thursday that while Lilly can fill orders as it receives them, that doesn’t mean that all pharmacies will have all 12 doses of Mounjaro and Zepbound.
Lilly now says its adjusted earnings should range between $16.10 and $16.60 for the year. That’s more than $2 higher than the Wall Street consensus for $13.69.
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