Rapidly climbing sales of the new obesity drug Zepbound and its counterpart for diabetes, Mounjaro, pushed Eli Lilly to a better-than-expected first-quarter profit. The drugmaker also hiked its sales and earnings forecast for 2024 beyond Wall Street’s expectations even as it hustles to boost manufacturing and catch up to surging demand for the drugs. Lilly said it was still dealing with supply issues that also hampered the company in the fourth quarter. Company officials expect that to persist through this year, but they emphasized Tuesday that help was on the way. They expect significant manufacturing increases to occur, starting in the back half of the year. CEO David Ricks told analysts Tuesday that Lilly was undergoing “the most ambitious expansion plan in our company’s history.” Indianapolis-based Eli Lilly and Co. recorded $517 million in sales from Zepbound, which received approval from U.S. regulators last November. Total Mounjaro sales more than tripled to $1.81 billion from $568 million in last year’s quarter. |
Nicola Peltz cements the end of 'feud' with 'beautiful' motherUkraine, Israel aid bill on track as House pushes toward votesEurope discards Arsenal and Liverpool shift focus to EPL title raceErling Haaland is a doubt for Man City's FA Cup semifinal against ChelseaThe 20 best shows to watch On Demand this weekendNWSL champion Gotham FC sign German goalkeeper AnnTodd, Julie Chrisley appeal bank fraud and tax evasion convictionsArizona State hit with NCAA sanctions for improper football recruiting visits during pandemicSamuel L. Jackson reunites with Pulp Fiction coEPA designates 2 forever chemicals as hazardous substances, eligible for Superfund cleanup