Eli Lilly beats by $1.19, beats on revs, worldwide Mounjaro sales up 216%; significantly increases FY24 EPS and revenue guidance (772.14)
- Reports Q2 (Jun) earnings of $3.92 per share, excluding non-recurring items, $1.19 better than the FactSet Consensus of $2.73; revenues rose 36.0% year/year to $11.3 bln vs the $9.96 bln FactSet Consensus.
- The revenue increase was driven by a 27% increase in volume and a 10% increase due to higher realized prices, partially offset by a 1% decrease from the unfavorable impact of foreign exchange rates. The volume increase was primarily driven by growth from Mounjaro, Zepbound, Verzenio, Taltz and Jardiance, partially offset by the sale of rights for Baqsimi in Q2 2023 and declines in Trulicity.
- Worldwide Mounjaro revenue was $3.09 billion compared with $979.7 million in Q2 2023. U.S. revenue was $2.41 billion compared with $915.7 million in Q2 2023, reflecting continued strong demand, improved channel dynamics, and higher realized prices due to savings card dynamics.
- U.S. Zepbound revenue was $1.24 billion. Zepbound launched in the U.S. for the treatment of adult patients with obesity or overweight with weight-related comorbidities in November 2023.
- Worldwide Trulicity revenue decreased 31% compared with Q2 2023 to $1.25 billion. U.S. revenue decreased 36% to $876.7 million, driven by decreased sales volume primarily due to competitive dynamics and supply constraints, partially offset by improved wholesaler stocking levels on certain doses
- Co raises guidance for FY24, sees EPS of $16.10-$16.60, excluding non-recurring items, vs. prior guidance of $13.50-$14.00, above the $13.68 FactSet Consensus; sees FY24 revs of $45.4-$46.6 bln vs. prior guidance of $42.4-$43.6 bln, above the $42.93 bln FactSet Consensus.