LLY - Lilly reaches all-time high on Q2 results 2023 guidance boost

2023-08-08 10:26:14 ET

Shares of Eli Lilly ( NYSE: LLY ) hit an all-time high of $534.41 Tuesday morning, with the pharma briefly surpassing the $500B market cap mark.

Q2 earnings beats combined with a bullish full-year outlook that prompted guidance boosts are responsible for the rise.

As of 1020a, the stock is up ~16% . Year to date, Lilly is up ~45% .

During its Q2 financial results call earlier Tuesday, the company reiterated it expects to win an additional indication for its diabetes drug Mounjaro (tirzepatide) as a weight loss therapy. Lilly ( LLY ) is using a Priority Review voucher for the indication to get a quicker US FDA review.

The drugmaker also said it sees approval of its Alzheimer's drug donanemab by the end of the year as well. Should it get the FDA green light, it would compete against Biogen ( BIIB ) and Eisai's ( OTCPK:ESALF ) Leqembi (lecanemab).

Management also addressed ongoing shortages of Mounjaro , with CEO David Ricks noting that it could persist for more than a year.

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