Eli Lilly & Co. (NYSE:LLY) reported exceptionally strong second-quarter earnings for fiscal Q2 2024, prompting a significant surge in its share price, which jumped more than 9% intra-day today. The drugmaker also raised its guidance for the full year.
For the second quarter, Eli Lilly posted earnings per share (EPS) of $3.92, well above the Street estimate of $2.75. Revenue climbed to $11.3 billion, surpassing analyst expectations.
Revenue for its diabetes treatment, Trulicity, was $1.25 billion, a 31% decrease year-over-year, and below the estimated $1.46 billion. However, the blockbuster weight-loss drug Mounjaro performed strongly, generating $3.09 billion in revenue, significantly beating the estimate of $2.37 billion.
Verzenio, a cancer treatment, saw its revenue rise by 44% year-over-year to $1.33 billion, exceeding the estimate of $1.23 billion. Revenue from Zepbound reached $1.24 billion. The company’s gross margin was 80.8%, compared to 78.3% year-over-year, slightly below the estimate of 81.1%.
Eli Lilly also raised its full-year EPS guidance by $2.05, setting a new range of $15.10 to $15.60. The non-GAAP EPS guidance was increased by $2.60, now ranging from $16.10 to $16.60, compared to the consensus of $13.76.
Additionally, the company lifted its full-year revenue guidance for 2024 by $3 billion, now expecting fiscal 2024 revenue to be between $45.4 billion and $46.6 billion, versus the consensus of $43.01 billion.