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Eli Lilly Raises Sales Forecast As Weight Loss Drug Demand Soars. Its Stock is Climbing
['Merin Rebecca Thomas']
International Business Times
Mounjaro remained the company's biggest growth driver, generating $9.94 billion in worldwide sales during the quarter, up 91% from a year earlier.
The diabetes drug posted particularly strong international growth, with revenue outside the United States climbing 172%, while U.S. sales reached $4.8 billion.
The results also included the first quarterly contribution from Foundayo, Lilly's oral GLP-1 obesity pill, which received U.S. regulatory approval in April.
The drug generated $98 million in revenue during the quarter, slightly below analyst estimates of about $103 million, according to FactSet.
Flush with cash from its obesity franchise, Lilly has continued an aggressive acquisition strategy this year.