Eli Lilly (LLY) earnings Q2 2024

Eli Lilly on Thursday reported second-quarter earnings and revenue that blew past expectations and hiked its full-year revenue outlook by $3 billion as sales of its blockbuster diabetes drug Mounjaro and weight loss injection Zepbound spike.

The drugmaker now expects full-year adjusted earnings of $16.10 to $16.60, up from a previous guidance of $13.50 to $14 per share.

The company also expects revenue for the year to come in between $45.4 billion and $46.6 billion, an increase of $3 billion at both ends of the range.

The results come almost one week after the Food and Drug Administration said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages. Demand has far outstripped supply for those incretin drugs, which mimic hormones produced in the gut to suppress a person’s appetite and regulate their blood sugar.

Here’s what Eli Lilly reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

• Earnings per share: $3.92 adjusted vs. $2.60 expected
• Revenue: $11.30 billion vs. $9.92 billion expected

Shares of Eli Lilly are up more than 30% this year after jumping almost 60% in 2023 due to the soaring demand for the company’s weight loss and diabetes drugs – and increased investor interest in their potential as treatments for other health conditions. That popularity comes despite their hefty monthly price tags, inconsistent insurance coverage and intermittent supply shortages. 

With a market cap of more than $730 billion, Eli Lilly is the largest pharmaceutical company based in the U.S.