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Eli Lilly shares pop as weight-loss drug demand fuels guidance hike
['Vahid Karaahmetovic', 'Wed', 'August At Pm Gmt', 'Min Read']
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Investing.com -- Eli Lilly shares jumped more than 6% after the market opened on Wednesday as the U.S. pharma giant raised its annual revenue guidance fueled by continued demand for its popular weight-loss and diabetes drugs.
Lilly also raised its performance margin guidance to 49.0% to 50.5%, up from 47.0% to 48.5%.
For the second quarter, Eli Lilly reported earnings per share of $8.38, missing the analyst estimate of $8.84.
Mounjaro revenue jumped 91% to $9.94 billion, while Zepbound rose 56% to $4.93 billion, exceeding market expectations.
"Lilly's momentum continues, as we delivered 48% revenue growth and raised our full-year guidance," said David Ricks, CEO of Eli Lilly.