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Key Takeaways
- Eli Lilly reported strong fourth-quarter earnings driven by demand for weight-loss drugs.
- The pharmaceutical giant also said its sales could rise more than 20% in 2024.
- Eli Lilly shares fell in intraday trading Tuesday but have more than doubled in value over the past year.
Eli Lilly ( LLY ) reported strong fourth-quarter earnings driven by demand for its weight-loss drugs, and projected sales could rise over 20% this year.
Eli Lilly forecast 2024 sales of $40.4 billion to $41.6 billion, topping analysts’ expectations, and up from $34.12 billion in 2023.
The pharmaceutical giant reported fourth-quarter earnings per share of $2.49, up 13% from a year ago, and a 28% surge in revenue on the back of sales of weight-loss treatments Zepbound and Mounjaro.
Zepbound, which Eli Lilly began selling in November and has the same ingredients as Mounjaro, brought in $175.8 million of sales during the fourth quarter.
Eli Lilly also said Tirzepatide, the active ingredient in both Mounjaro and Zepbound, showed promise as a treatment for fatty liver disease.
Eli Lilly said, however, due to the time it will take to bring production fully online, demand for its diabetes and obesity drugs will likely outpace supply this year.
Eli Lilly shares were 0.7% lower at $699.40 per share as of about 1:30 p.m. ET Tuesday. They have more than doubled in value over the past year amid the buzz surrounding its weight-loss drugs. With a market capitalization of over $665 billion, Eli Lilly is the word’s most valuable health care company.