LLY - Eli Lilly: Management Raises 2024 Guidance Driven By GLP-1 Franchise
2024-05-01 12:44:46 ET
Summary
- Eli Lilly reported strong Q1 results, with a 26% increase in revenues and a 59% increase in non-GAAP EPS.
- Management increased revenue guidance for 2024 due to strength in the GLP-1 franchise.
- Lilly's impressive pipeline includes potential treatments for obstructive sleep apnea, heart failure, Alzheimer's, and atherosclerotic cardiovascular disease.
Eli Lilly and Company ( LLY ) reported first quarter results that demonstrated strong growth in its portfolio of newer drugs. Revenues increased by 26%, from $7.0 billion to $8.8 billion. Importantly, New Product revenues were $2.4 billion, versus $1.8 billion one year ago. Mounjaro sales increased by $1.2 billion to $1.8 billion, and Zepbound revenues were $517 million. On a non-GAAP basis, EPS was $2.58 versus $1.62 (+59%). For 2024, management increased its revenue guidance by $2.0 billion to a range of $42.4 to $43.6 billion, primarily due to strength in the GLP-1 franchise (Mounjaro and Zepbound). The corresponding non-GAAP EPS range was raised from $12.20 to $12.70, and it is now $13.50 to $14.00 ....
Eli Lilly: Management Raises 2024 Guidance, Driven By GLP-1 Franchise