Eli Lilly stock climbs on gross margin beat, raised 2024 revenue outlook
) saw its shares jump 5.4% in premarket trading Tuesday after the pharmaceutical giant reported better-than-expected earnings and gross margin for the fiscal Q1 2024.
Importantly, the company's gross margin improved significantly, reaching 80.9% compared to 76.6% in the same period last year and surpassing the consensus projection of 79.9%. The company also hiked its revenue forecast for the year to between $42.4 billion and $43.6 billion, compared to a consensus of $41.44 billion.
"Lilly's first quarter performance reflects solid year-over-year revenue growth with strong sales of Mounjaro and Zepbound," said David A. Ricks, Lilly's chair and CEO.
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