Eli Lilly (NYSE:LLY) reported strong Q4 2024 results on Thursday, surpassing Wall Street estimates, driven by a more than twofold increase in sales of its weight loss and diabetes drugs Mounjaro and Zepbound.
The Indiana-based drugmaker had preannounced its Q4 figures in January and set its full-year revenue forecast at $58 billion to $61 billion, below analyst expectations. Despite this, shares have rebounded with the company reiterating its revenue outlook and providing adjusted earnings guidance of $22.50 to $24.00 per share for 2025 in line with consensus.
Sales of GLP1 therapy tirzepatide marketed as Mounjaro for diabetes and Zepbound for weight loss reached $5.4 billion reflecting 128% year-over-year growth. Nonincretin revenue climbed 20% year-over-year fueled by diabetes drug Jardiance ($1.2 billion with 50% growth) and breast cancer therapy Verzenio ($1.6 billion with 36% growth).
However Type 2 diabetes medication Trulicity saw sales decline 25% year-over-year to $1.3 billion due to pricing pressures and rising competition. Overall LLY's total revenue surged 45% year-over-year in Q4 boosting full year revenue by 32% to $45 billion. The company's gross margin improved by 1.3 percentage points to 82.2% while net income more than doubled to $4.4 billion.
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