盘前重挫12%！礼来Q2营收大增38%并上调全年指引，但口服减肥药效果不及预期

Core Viewpoint - Eli Lilly reported strong Q2 earnings with revenue of $15.56 billion, a 38% year-over-year increase, exceeding market expectations of $14.7 billion, and raised its full-year revenue guidance to $60-62 billion [1][2][10] Financial Performance - Q2 revenue reached $15.56 billion, driven by sales growth of Zepbound and Mounjaro [2] - Reported EPS was $6.29, a 92% increase year-over-year, while non-GAAP EPS was $6.31, up 61% from the previous year [3][2] - Gross margin improved to 84.3%, up 3.5 percentage points due to better production costs and product mix [2] Key Product Developments - Mounjaro generated global revenue of $5.2 billion, a 68% increase, with U.S. sales of $3.3 billion and international sales of $1.9 billion [8][9] - Zepbound saw U.S. revenue of $3.38 billion, a 172% increase, although facing pricing pressure [8][9] - Verzenio revenue was $1.49 billion, reflecting a 12% year-over-year growth [8] Market Dynamics - Despite strong revenue growth, pricing pressures were evident, contributing to a 6% decline in growth due to an 8% price drop in the U.S. market [9] - The competitive landscape for GLP-1 drugs is changing, with increased pressure from insurance companies and government programs [9] R&D and Future Outlook - R&D expenses rose to $3.34 billion, a 23% increase, indicating continued high investment in pipeline development [10] - The company raised its 2025 revenue guidance by $1.5 billion to a range of $60-62 billion, reflecting management's confidence in business prospects [10] Orforglipron Clinical Trial Results - The experimental weight loss pill orforglipron showed only an 11% weight reduction in Phase III trials, below Wall Street expectations, leading to a significant drop in stock price [6][11] - The drug is expected to provide a cheaper oral option in the weight loss market projected to grow to $95 billion by 2030 [11][12] - Common side effects include nausea and vomiting, similar to existing GLP-1 drugs, but orforglipron did not cause liver issues, a concern with other weight loss drugs [11][12]