Eli Lilly's Blockbuster Weight-Loss Drug Boosts Annual Forecast

Eli Lilly has revised its annual sales forecast upward by $3 billion, driven by a surge in demand for its weight-loss drug, Zepbound. This adjustment has caused the company's shares to jump by up to 14%.

In additional boosts, Lilly has also raised its 2024 profit forecast and reported that Zepbound achieved over $1 billion in sales for the first time in a quarter since its late-2023 launch. This comes as Novo Nordisk, a key competitor, announced disappointing sales and cut its full-year profit forecast. Shares of Eli Lilly reached highs of $877.78, positioning it to add nearly $55 billion to its market value.

Chief Scientific Officer Daniel Skovronsky disclosed that Lilly has invested more than $18 billion to create and update manufacturing facilities since 2020. The results of these investments are now visible, notably the recent $5.3 billion investment in an Indiana site for manufacturing tirzepatide, the active component of Zepbound and Mounjaro.

(With inputs from agencies.)