Eli Lilly Stock Soars as Mounjaro, Zepbound Power Earnings Beat, Guidance Boost

Eli Lilly (LLY) shares surged higher in premarket trading Thursday after the drugmaker’s second-quarter earnings came in well above analysts’ estimates and it raised its full-year revenue and profit guidance.

The maker of weight-loss drugs Mounjaro and Zepbound reported $11.3 billion in revenue, a 36% year-over-year jump and more than $1 billion above what analysts had expected, according to estimates compiled by Visible Alpha. Profits rose 68% to $2.97 billion, also well above estimates.

Mounjaro, Zepbound Sales Soar as Eli Lilly Lifts Guidance

Sales of Mounjaro more than tripled to $3.09 billion, while Zepbound sales have already surpassed $1 billion after only receiving FDA approval in November 2023.

Eli Lilly lifted its 2024 revenue guidance by $3 billion, now projecting $45.4 billion to $46.6 billion on the back of strong Mounjaro and Zepbound sales. Its full-year earnings per share (EPS) outlook also received a boost, to a range of $15.10 to $15.60 from $13.05 to $13.55 previously.

The company also said it has “improved clarity into the timing and pace of the company’s production expansions and planned Mounjaro launches outside the U.S.,” along with “increased confidence regarding production expectations for the rest of the year.”

Eli Lilly shares were up 13% to $873.00 an hour before the opening bell Thursday, putting them up nearly 50% since the start of 2024.