Eli Lilly (NYSE:LLY) shares gained nearly 10% in premarket Tuesday after the pharma giant reported much better-than-expected Q2 results, paving the way for the full-year forecast to be lifted.
Lilly reported EPS of $2.11 on revenue of $8.31 billion, crushing the consensus for earnings of $1.98 per share on revenue of $7.58B.
Mounjaro, the company’s flagship antidiabetic medication used for the treatment of type 2 diabetes, generated $979.7 million in Q2 sales, easily ahead of the expected $740.8M.
"Lilly's financial results in Q2 were led by Mounjaro sales and a strong performance from Growth Products," said David A. Ricks, Lilly's chair and CEO.
The company raised its full-year earnings forecast to $9.80, crushing the consensus for $8.71 in FY EPS. Revenue is now seen at $33.65B, again easily ahead of the expected $31.44B estimate.