Eli Lilly increases yearly projections as quarterly sales of weight-loss drug surpass $1 billion

TradingKeyAug 8, 2024 1:13 PM

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- Eli Lilly raises annual profit forecast by $3 billion due to increased manufacturing capacity for weight-loss and diabetes drugs.

- Shares surge over 9% in premarket trading as Zepbound sales exceed $1 billion in a quarter, outperforming Novo Nordisk's Wegovy.

- Lilly and Novo are expanding production to meet high demand, with Lilly expected to match Novo's market share by 2024.

Eli Lilly announced an upward revision of its annual profit forecast by $3 billion, driven by enhanced manufacturing capabilities for its popular weight-loss and diabetes medications. The company's shares surged more than 9% in premarket trading as sales of its weight-loss drug, Zepbound, surpassed $1 billion in a quarter, surpassing its competitor Novo Nordisk's performance. Both Lilly and Novo are scaling up production to meet the unprecedented demand for their weight-loss drugs, with Lilly anticipated to equal Novo's market share by 2024.

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