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.
National Television Awards 2024 nominations: Michelle Keegan and Leo Woodall go head
Are thousands languishing on long
Poppy Harlow is leaving CNN after more than 15 years
Saints fill need at offensive tackle, add depth at cornerback and QB during NFL draft
Brewers starter Joe Ross leaves after first inning vs. Marlins with lower back strain
The Titans add size, speed as they use 5 of 7 NFL draft picks to boost their defense
WADA invites 'independent prosecutor' to examine Chinese swimmers case
Baird scores a goal, assists on another by Acosta to help Cincinnati beat Rapids 2
Auburn running back Brian Battie on ventilator after weekend shooting in Florida, coach says
Miserable runs continue for Juve and Milan in stalemate
Rishi Sunak to apologise for worst treatment disaster in NHS history
The 49ers balance immediate needs with long