Mounjaro Powers Eli Lilly to Bumper Quarter of Earnings

Revenue from Mounjaro more than doubled. - andy rain/epa/shutterstock/Shutterstock

Eli Lilly reported higher third-quarter profit and raised its full-year outlook on surging demand for its GLP-1 weight-loss drugs, sending its shares higher in premarket trading.

Revenue from Mounjaro more than doubled to $6.52 billion, while that from Zepbound almost tripled to $3.59 billion. Overall revenue rose 54%, beating Wall Street’s expectations.

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Shares in the company rose 5% ahead of the bell Thursday.

Demand has soared for Zepbound and Mounjaro, which have been shown to result in significant weight loss in some patients, helping the company take market share from Ozempic and Wegovy maker Novo Nordisk.

Pharma companies have been battling to dominate the burgeoning market for weight-loss drugs. Separately on Thursday, Novo launched a bid valued at up to $9 billion for obesity-drug developer Metsera, hoping to trump an already agreed-on deal Pfizer struck last month.

Eli Lilly, meanwhile, is preparing to launch a new weight-loss pill, a format that analysts say could spark even more demand than Zepbound and Mounjaro, which are injected weekly, as some patients are averse to jabs.

Earlier this week, the company said it was partnering with Nvidia to build an AI supercomputer to assist in medicine discovery and development.

The pharmaceutical company on Thursday reported net income of $5.58 billion, or $6.21 a share, up from $970.3 million, or $1.07 a share, the year prior.

Adjusted earnings were $7.02 a share. Analysts expected $5.69, according to FactSet.

Eli Lilly upped its full-year revenue guidance to $63 billion to $63.5 billion, from its previous forecast of $60 billion to $62 billion. It also increased its adjusted earnings outlook to $23 to $23.70 a share, up from its prior guidance of $21.75 to $23 a share.

Analysts expect full-year sales of $61.74 billion and adjusted earnings of $22.48 a share.

Write to Nicholas G. Miller at [email protected]

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