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Investing.com - Eli Lilly has lifted its full-year financial forecasts, fueled by its mega-popular obesity treatments which helped the drugmaker deliver better-than-anticipated third-quarter results.
Full-year revenue is now seen coming in at a range of $63 billion to $63.5 billion, up from a prior outlook of $60 billion to $62 billion. According to Bloomberg consensus estimates, analysts had anticipated a projection of $61.69 billion.
Adjusted annual earnings are tipped to be betwen $23 and $23.70 as well, compared to a prior forecast for income of $21.75 to $23 a piece.
The world’s largest healthcare firm by market value, Lilly posted third-quarter revenue of $17.60 billion, a 54% increases versus a year ago and topping estimates of $16.07 billion, thanks in part to strong demand for its Zepbound weight loss treatment. Prescriptions of Zepbound, which was first approved in 2023, have zoomed past nearest rival Novo Nordisk’s Wegovy, despite the Danish group having a multi-year head start in the burgeoning market for so-called GLP-1 medications.
Sales of Lilly’s diabetes drug Mounjaro came in at $6.52 billion, surpassing expectations as well.
Lilly earned $7.02 a share on an adjusted basis during the period, rising from $1.18 a year ago and topping projections of $5.69, according to LSEG estimates cited by Reuters.
Shares of the firm rose by more than 5% in premarket U.S. trading on Thursday.