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.
Wayne Bennett, at 74, signs a 3
Lana Del Rey cuts a cheerful figure in tight leggings and black padded coat as she arrives at celeb
Early voting begins for North Carolina primary runoff races
Native American tribes want US appeals court to weigh in on $10B SunZia energy transmission project
Massey, Perez hit homers to lead Royals in 8
Federal judge temporarily blocks confusing Montana voter registration law
Dusty Baker wins Baseball Digest lifetime achievement award
The TikTok law kicks off a new showdown between Beijing and Washington. What's coming next?
Midwest storms: Large hail, torrential rain and tornadoes and more is coming
New Zealand Black Caps fans look to Twenty20 World Cup with hope, trepidation
Ukrainian duo heads to the Eurovision Song Contest with a message: We're still here