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.
Macron is making a surprise trip to New Caledonia amid deadly unrest and indigenous frustration
Massachusetts is turning a former prison into a shelter for homeless families
British prime minister warns of 'axis of authoritarian states' in pre
3 men charged in the UK with assisting the Hong Kong intelligence service
It's no wonder parents are taking their children on holiday during term time! Sky
BAFTA TV Awards 2024 winners: Full list of who picked up gongs on the night
Sam Rubin, beloved LA entertainment anchor and interviewer, dies at 64
Notorious people smuggler wanted in Europe arrested in northern Iraq
Xander Schauffele gets validation and records with one memorable putt at PGA Championship
Putin replaces Sergei Shoigu as defense minister in cabinet shakeup
These hilarious notices will make you do a double take
Severe weather: US South hit again after one of the most active tornado periods in history