Eli Lilly Soars On Diabetes And Obesity Drug Boom, Projects 20% Revenue Increase In 2024
In a recent announcement, Eli Lilly and Co (NYSE:LLY) has projected a significant revenue increase for 2024, driven by the demand for its diabetes and obesity drugs.
What Happened: The pharmaceutical giant anticipates a 20% rise in sales, propelling its revenues to over $40 billion, reported the Financial Times on Tuesday. This surge is attributed to the popularity of Lilly’s new diabetes drug, Mounjaro, and its anti-obesity medication, Zepbound.
The company’s shares experienced a 5.8% increase in pre-market trading following its fourth-quarter earnings announcement. The fourth-quarter revenues from the new products category, primarily driven by Mounjaro and Zepbound, soared from $2.19 billion to $2.49 billion.
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In the fourth quarter, Zepbound, Lilly's weight-loss drug offering, recorded $175.8 million in global sales. The company’s overall fourth-quarter revenues stood at $9.35 billion, surpassing analysts’ predictions.
Lilly’s 2024 revenues are estimated to range between $40.4 billion and $41.6 billion, a significant increase from the $34.1 billion reported in 2023.
Why It Matters: This revenue surge is in line with the company’s strategic moves in the recent past. Earlier in January, Lilly announced plans to introduce Mounjaro in new markets and expand its manufacturing capacity. This expansion was seen as a crucial step for the company’s global growth.
Moreover, in a recent industry comparison, Lilly’s strong position in the diabetes and obesity drug categories was highlighted. The company’s focus on these key products has paid off, as reflected in the projected revenue surge for 2024.
The growing demand for weight-loss drugs has also led to significant industry developments. Recently, Eli Lilly’s rival Novo Nordisk’s acquired three fill-finish sites for $11 billion to expand its manufacturing capacity for diabetes and obesity treatments.
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