Biotech
Eli Lilly Beats Q1 Estimates, Raises 2024 Targets
Eli Lilly’s first-quarter results exceeded expectations, with a $8.77 billion turnover, a 26% year-on-year growth, and $2.24 billion net income, 67% higher than in 2023. Strong sales of antidiabetic drugs like Mounjaro, Jardiance, and Zepbound, along with the oncological treatment Verzenio, contributed to this growth. The company plans to increase its 2024 objectives by $2 billion.
Eli Lilly exceeds its own expectations. The American pharmaceutical company has achieved a turnover of $8.77 billion in the first quarter of the year, which implies a year-on-year growth of 26%. Net income has reached $2.24 billion in the same period, 67% more than in 2023, exceeding the estimated $2.2 billion.
The pharmaceutical company attributes this growth to the good sales of the antidiabetic drugs Mounjaro, Jardiance and Zepbound, and the oncological treatment Verzenio. Eli Lilly is one of Novo Nordisk’s main competitors in the antidiabetic market. Mounjaro alone already generated $1.81 billion in the first quarter of 2024.
These figures have translated into earnings per share (EPS) of $2.48, which represents a year-on-year increase of 66%, slightly above the estimated $2.46. The gross margin stood at $7.09 billion in the first three months of 2024, and the percentage of this gross margin increased to 80.9%, which stands as an indicator of greater profitability.
Eli Lilly obtained 4.88 billion euros in profits in 2023, 16% less in 2022
With these data, the American pharmaceutical company plans to increase its 2024 objectives by $2 billion, with projections ranging between $42.4 billion and $43.6 billion , reflecting solid current performance and future expectations.
Eli Lilly obtained net profits of 4.88 billion euros in 2023 compared to the profits of 5.82 billion euros recorded in the previous year , 16.1% less due to the increase in disbursements in research and development (I +D) and in acquisitions of other companies, such as Mablink Biosciences or Beam Therapeutics.
Eli Lilly’s sales were 31.8 billion euros, 19.6% more than a year before, driven by sales of Mounjaro , a drug for the treatment of diabetes that could potentially be used to reduce weight, and by Verzenio, a breast cancer drug, and Jardiance, also for diabetes.
Specifically, Mounjaro’s sales skyrocketed to 4.81 billion euros, compared to 449.7 million euros in 2022 . Verzenio did the same up to 3.6 billion euros from 2.3 billion euros and Jardiance, up to 2.55 billion euros from 1.92 billion euros. On the contrary, the billing of the Trulicity diabetes treatment fell to 6.64 billion euros, 4.1% less.
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(Featured image by geralt via Pixabay)
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First published in PlantaDoce. A third-party contributor translated and adapted the articles from the originals. In case of discrepancy, the originals will prevail.
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