Eli Lilly Boosts Outlook As Q2 Results Top Estimates; Stock Up 11%

(RTTNews) - Drugmaker Eli Lilly and Co. (LLY) reported Tuesday a profit for the second quarter that surged 85 percent from last year, reflecting strong Mounjaro sales and a solid performance from growth products. Both adjusted earnings per share and revenues topped analysts' expectations. The company also raised its adjusted earnings and revenue guidance for the full-year 2023.

In pre-market activity on the NYSE, LLY shares are trading at $504.00, up $49.92 or 10.99 percent.

For the second quarter, Eli Lilly reported net income of $1.76 billion or $1.95 per share, sharply higher than $952.5 million or $1.05 per share in the year-ago quarter.

Excluding items, adjusted earnings for the quarter were $2.11 per share, compared to $1.25 per share in the prior-year quarter.

On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.98 per share for the quarter. Analysts' estimates typically exclude special items.

World-wide revenue for the quarter grew 28 percent to $8.31 billion from $6.49 billion in the same quarter last year. Wall Street expected revenues of $7.58 billion for the quarter.

The revenue growth was based on volume-driven growth from Mounjaro, Verzenio, Jardiance and Taltz, as well as $579.0 million from the sale of rights for Baqsimi.

Excluding revenue from Baqsimi, and COVID-19 antibodies in 2022, revenue grew only 22 percent.

The increase in revenue reflects volume growth of 29 percent, slightly offset by a 1 percent decrease due to unfavorable impact of foreign exchange rates.

New products contributed $1.00 billion to revenue, led by Mounjaro. Growth Products revenue increased 16 percent to $4.93 billion, led by Verzenio, Jardiance and Taltz.

Worldwide Trulicity revenue declined 5 percent to $1.81 billion from last year, while Verzenio revenue surged 57 percent to $926.8 million from last year and Mounjaro revenue was $979.7 million. Jardiance revenues grew 45 percent to $668.3 million and Taltz revenue increased 16 percent to $703.9 million from last year.

Revenue in the U.S. increased 41 percent to $5.53 billion, and revenue outside the U.S. also increased 9 percent to $2.78 billion from last year.

Looking ahead to fiscal 2023, Eli Lilly now projects earnings in a range of $9.20 to $9.40 per share and adjusted earnings in a range of $9.70 to $9.90 per share on revenues between $33.4 billion and $33.9 billion.

Previously, the company expected earnings in the range of $8.18 to $8.38 per share and adjusted earnings in the range of $8.65 to $8.85 per share on revenues between $31.2 billion and $31.7 billion.

The Street is currently looking for earnings of $8.71 per share on revenues of $31.44 billion for the year.

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