Eli Lilly, a leading pharmaceutical company, reduced its 2024 revenue outlook due to lower-than-expected sales for its weight loss and diabetes medications. The company now predicts annual revenue of around $45 billion, down from its previous estimate. This downgrade reflects the slower-than-anticipated growth of incretin drugs, a class that includes Mounjaro and Zepbound, which are key products for Eli Lilly.
Eli Lilly lowered its 2024 revenue forecast, citing weaker-than-anticipated demand for its weight loss and diabetes medications. The pharmaceutical giant now anticipates full-year 2024 revenue of approximately $45 billion, down from its previous projection of $45.4 billion to $46 billion. This downward revision stems from the company's expectation that sales of its flagship drugs, Mounjaro for diabetes and Zepbound for obesity, will not reach the previously lofty targets.
Eli Lilly anticipates around $3.5 billion in revenue from Mounjaro and $1.9 billion from Zepbound in the fourth quarter. While the U.S. market for incretin drugs, a class that includes both Mounjaro and Zepbound, expanded by 45% compared to the same quarter last year, Eli Lilly's CEO, David Ricks, acknowledged that the growth rate fell short of initial projections. He attributed the shortfall, along with lower-than-expected inventory levels at year-end, to the company's revised fourth-quarter performance. This news comes amidst intense competition in the weight loss and diabetes drug market, with Eli Lilly facing pressure from both established rivals and newer entrants seeking to capture market share.
Eli Lilly Revenue Guidance Obesity Drugs Diabetes Drugs Mounjaro Zepbound Incretin Drugs Pharmaceutical Industry
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