Eli Lilly Sees Robust Sales from Diabetes Drug, Adjusts Profit Forecast

Published 2 hours agoLLY

Eli Lilly Sees Robust Sales from Diabetes Drug, Adjusts Profit Forecast

Eli Lilly has reported a solid performance in the last quarter of 2024, particularly fueled by its diabetes drug, Mounjaro, which achieved a remarkable 60% increase in sales, totaling $3.53 billion. However, Reuters noted that sales of its weight-loss drug, Zepbound, fell short of expectations, coming in at $2.31 billion compared to the anticipated $2.33 billion figure.

The company has responded to these mixed results by adjusting its annual profit outlook. Due to Zepbound's underperformance and heightened competition, Eli Lilly revised its adjusted profit forecast from $22.50–$24.00 per share down to a range of $20.78–$22.28 per share, as reported by Reuters. Alongside these adjustments, Eli Lilly is actively looking to diversify its offerings by potentially acquiring Scorpion Therapeutics for up to $2.5 billion to strengthen its cancer treatment portfolio.

Despite facing challenges, Eli Lilly maintains its status as the most valuable healthcare company globally, with a market cap exceeding $800 billion. As part of its strategic expansion, Eli Lilly aims to leverage its strong position to innovate beyond its current major revenue drivers. This strategy is evident through its ongoing discussions to acquire Scorpion Therapeutics, indicating a commitment to broadening its scope beyond diabetes and obesity drugs.

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