LLY - Eli Lilly Soars On Diabetes And Obesity Drug Boom Projects 20% Revenue Increase In 2024 | Benzinga
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 ...