Mounjaro Powers Eli Lilly to Bumper Quarter of Earnings

Core Insights - Eli Lilly reported a significant increase in third-quarter profit, driven by high demand for its GLP-1 weight-loss drugs, Mounjaro and Zepbound, leading to a rise in share prices in premarket trading [1][2] - Revenue from Mounjaro more than doubled to $6.52 billion, while Zepbound's revenue almost tripled to $3.59 billion, contributing to an overall revenue increase of 54%, surpassing Wall Street expectations [1][2] Financial Performance - The company reported a net income of $5.58 billion, or $6.21 per share, compared to $970.3 million, or $1.07 per share, from the previous year [4] - Adjusted earnings were reported at $7.02 per share, exceeding analysts' expectations of $5.69 [4] Future Outlook - Eli Lilly raised its full-year revenue guidance to between $63 billion and $63.5 billion, up from a previous forecast of $60 billion to $62 billion [5] - The adjusted earnings outlook was also increased to a range of $23 to $23.70 per share, compared to the prior guidance of $21.75 to $23 per share [5] Market Dynamics - The demand for Zepbound and Mounjaro has surged, allowing Eli Lilly to capture market share from competitors like Novo Nordisk, which produces Ozempic and Wegovy [2][3] - The pharmaceutical industry is highly competitive, with Novo Nordisk making a $9 billion bid for obesity-drug developer Metsera, while Eli Lilly is preparing to launch a new weight-loss pill that could further increase demand [3]