Lilly Raises Annual Forecast as Weight-Loss Drug Sales Climb
The drugmaker reported $24.4 billion in third-quarter revenue, up 39%, and raised its full-year sales outlook as Mounjaro and Zepbound drove growth.
Eli Lilly raised its annual sales forecast Thursday after reporting a sharp increase in third-quarter revenue, driven primarily by its diabetes and weight-loss drugs Mounjaro and Zepbound.
The company reported revenue of $24.4 billion for the quarter, up 39% from a year earlier. Reported earnings rose 16% to $7.22 per share, while adjusted earnings increased 7% to $7.48 per share.
Lilly lifted its full-year revenue guidance to a range of $91 billion to $92 billion, increasing the midpoint by $5.5 billion. The outlook is a company forecast, not a final result, and remains subject to changes in demand, pricing and other business conditions.
U.S. revenue increased 34% to $15.1 billion. Lilly said sales volume rose 41%, led by Zepbound and Mounjaro, while lower realized prices partly offset that growth. Revenue outside the United States rose 47% to $9.3 billion.
The quarter also included about $900 million in benefits, primarily from $410 million in Jardiance milestones and favorable changes to rebate and discount estimates. Lilly said no further Jardiance milestones remain, a distinction that matters when comparing the quarter with future results.
The earnings report reflects the financial performance of the drugmaker, rather than advice about taking its medicines. Lilly's third-quarter financial release includes the full results, guidance and risk disclosures.