Thanks to strong sales of its blockbuster drugs Mounjaro and Zepbound, Eli Lilly on Tuesday reported nearly $8.77 billion in revenue in the first quarter of 2024, while raising its full-year revenue guidance by $2 billion.
Eli Lilly reported its first-quarter 2024 results on Tuesday including 26% year-over-year revenue growth driven by the strong performance of its type 2 diabetes treatment Mounjaro (tirzepatide) and weight-loss therapy Zepbound (tirzepatide).
The Indianapolis-based pharma brought in nearly $8.77 billion in revenue in Q1, up from $6.96 billion during the same period the prior year. While Lilly’s quarterly revenue came in short of Wall Street’s expectations, which were $8.92 billion, the company’s earnings per share (EPS) of $2.58 in Q1 exceeded the analysts’ consensus of $2.46 per share.
Lilly’s top-performing asset in Q1 was Mounjaro, which raked in more than $1.8 billion, up from nearly $569 million during the same period last year. Trulicity (dulaglutide), which brought in nearly $1.46 billion, was also a strong contributor to the company’s overall growth but nevertheless was hit with a 26% year-over-year decline.
Zepbound, which was only approved in November 2023 for chronic weight management, secured more than $517 million in Q1. Demand for the weight-loss drug has been overwhelming, pushing the FDA earlier this month to declare most of its doses to be in shortage through the second quarter.
CEO David Ricks said in a statement that Lilly is “rapidly expanding manufacturing capacity to make our incretin medicines available to more patients.” The company said it is continuing to bolster its manufacturing capacity, including the Q1 acquisition of a new injectable medicine facility from Nexus Pharmaceuticals, with the most significant production increases in 2024 expected in the second half of the year.
Encouraged by its strong Q1 performance, Lilly on Tuesday raised its full-year revenue guidance. The pharma now expects total 2024 revenue of between $42.4 billion and $43.6 billion, up from a previously announced range of $40.4 billion to $41.6 billion, according to an investor presentation. Its adjusted EPS also rose to $13.50 to $14 per share, from a previous forecast of 12.20 to $12.70 per share.
To reach its earnings target, Lilly has lined up several key clinical and regulatory milestones in 2024 including a Phase III readout for tirzepatide from its head-to-head study versus semaglutide for obesity, as well as data from the SUMMIT study in heart failure with preserved ejection fraction. The company is also awaiting the FDA’s verdict on its Alzheimer’s disease antibody donanemab.
Lilly on Tuesday trimmed its pipeline, discontinuing the Phase III development of the breast cancer drug Verzenio (abemaciclib) for hormone-sensitive prostate cancer and the diabetes drug Jardiance (empagliflozin) for myocardial infarction. Lilly is also dropping a Phase II gene therapy for Gaucher disease type 2 and an undisclosed Phase I immunology candidate.
Tristan Manalac is an independent science writer based in Metro Manila, Philippines. Reach out to him on LinkedIn or email him at tristan@tristanmanalac.com or tristan.manalac@biospace.com.
