- Eli Lilly reported strong fourth-quarter earnings driven by demand for weight-loss drugs.
- The pharmaceutical giant also said its sales could increase by more than 20% in 2024.
- Eli Lilly shares fell in intraday trading Tuesday, but have more than doubled in value over the past year.
Eli Lilly (LLY) reported strong fourth-quarter earnings driven by demand for its weight-loss drugs, and projected sales could rise more than 20% this year.
Eli Lilly forecast 2024 sales of between $40.4 billion and $41.6 billion, beating analyst expectations and up from $34.12 billion in 2023.
The pharmaceutical giant reported fourth-quarter earnings per share of $2.49, up 13% from a year ago, and a 28% increase in revenue thanks to sales of weight-loss treatments Zepbound and Mounjaro.
Zepbound, which Eli Lilly began selling in November and has the same ingredients as Mounjaro, generated $175.8 million in sales during the fourth quarter.
Eli Lilly also said that Tirzepatide, the active ingredient in both Mounjaro and Zepbound, showed promise as a treatment for fatty liver disease.
Eli Lilly said, however, that because of the time it will take to bring production fully online, demand for its diabetes and obesity drugs will likely outstrip supply this year.
Eli Lilly shares fell 0.7% to $699.40 per share at approximately 1:30 p.m. ET on Tuesday. Its value has more than doubled over the past year amid rumors surrounding its weight-loss drugs. With a market capitalization of more than $665 billion, Eli Lilly is the most valuable healthcare company in the world.