Eli Lilly stock pops on annual guidance hike, strong Q2 top and bottom line
For the second quarter, Lilly posted earnings per share of $3.92, significantly above the consensus estimate of $2.75. Revenue rose to $11.3 billion, also exceeding analyst estimates.
Meanwhile, the blockbuster weight-loss drug Mounjaro generated $3.09 billion in revenue, outperforming the estimate of $2.37 billion. Eli Lilly hiked its full-year EPS guidance by $2.05 to a new range of $15.10 to $15.60. The non-GAAP EPS guidance was also raised by $2.60, now ranging from $16.10 to $16.60, compared to the consensus of $13.76.
"Mounjaro, Zepbound and Verzenio led our strong financial performance in the second quarter as we advanced our manufacturing expansion agenda, and it is equally exciting to see the growth around the world of our medicines for cancer, neurological disorders and autoimmune diseases," said David A. Ricks, Lilly's chair and CEO.
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