Rapidly climbing sales of the new obesity drug Zepbound and its counterpart for diabetes, Mounjaro, pushed Eli Lilly to a better-than-expected first-quarter profit.
The drugmaker also hiked its forecast for 2024 well beyond analyst expectations after sales of Mounjaro more than tripled in the year’s first quarter.
Lilly said it was still dealing with supply issues that also hampered the company in the fourth quarter, with strong demand for both drugs outpacing its production hikes. But the company expects its most significant increases to occur in the back half of the year.
Shares of Lilly jumped Tuesday after the company detailed results.
Indianapolis-based Eli Lilly and Co. recorded $517 million in sales from Zepbound, which received approval from U.S. regulators last November.
Total Mounjaro sales more than tripled to $1.81 billion from $568 million in last year’s quarter.
Sales of the breast cancer treatment Verzenio also jumped 40% to top $1 billion in the quarter.
Those drugs helped the company’s total revenue rise 26% to $8.77 billion. But Wall Street expected a little more. Analysts had forecast $8.94 billion in sales, according to a survey by FactSet.
A 26% drop in sales for Trulicity softened some of the company’s gains from Mounjaro and Zepbound. Lilly said it also dealt with supply constraints for the diabetes treatment.
Lilly also spent more money in the quarter, with the company’s research and development costs jumping 27%. Marketing, selling and administrative expenses also increased 12% due to drug launches.
Overall, Lilly’s net income jumped 67% to $2.24 billion. Earnings adjusted for one-time items totaled $2.58 per share.
Wall Street expected $2.47 per share.
For the full year, Lilly raised its forecasted range for adjusted earnings per share by more than a dollar. It now expects earnings of between $13.50 and $14 per share. That would more than double the company’s total of $6.32 per share from 2023.
Analysts forecast adjusted earnings of $12.49 per share.
Shares of Lilly jumped nearly 7% to $787.64 after markets opened Tuesday morning, just a few dollars away from its all-time high. Broader indexes slipped.
The stock had already climbed 26% so far this year. It topped $800 in early March to set a new all-time high.
FILE - A sign for Eli Lilly & Co. sits outside their corporate headquarters in Indianapolis on April 26, 2017. Rapidly climbing sales of the new obesity drug Zepbound and its counterpart for diabetes, Mounjaro, pushed Eli Lilly to a better-than-expected first quarter profit, Tuesday, April 30, 2024. (AP Photo/Darron Cummings, File)
LOS ANGELES (AP) — Freddie Freeman's grand slam keyed a six-run third inning, Yoshinobu Yamamoto had a strong start and the Los Angeles Dodgers extended their winning streak to four with a 6-4 victory over the Arizona Diamondbacks on Monday night.
Freeman’s blast off Slade Cecconi (1-4) was part of an onslaught where the first six Dodgers got aboard and scored in the third.
Kiké Hernández and Will Smith also went deep in the inning as Los Angeles improved to 33-17. It is the ninth time in franchise history the Dodgers have at least 33 wins after 50 games.
Arizona's Ketel Marte extended his hitting streak to 19 games with a single in the first inning. It is the longest run in the majors this season and tied for fifth-longest in franchise history.
Kyle Newman added three hits, his fifth multi-hit effort in the last nine games. Lourdes Gurriel Jr. and Jake McCarthy homered but the Diamondbacks have dropped four of six.
Yamamoto (5-1) allowed two runs on seven hits and struck out eight in 6 1/3 innings. He threw a season-high 100 pitches, including 69 strikes.
Daniel Hudson retired the side in the ninth for his third save in five opportunities.
It was the sixth grand slam in Freeman's career and his third since the start of last season. He is one of seven players with three over the past two seasons.
The Dodgers are the only team in the majors with two players with at least three grand slams since the start of 2023. Max Muncy leads the team with four.
It didn't take the Dodgers long to respond after the Diamondbacks opened the scoring on Joc Pederson's RBI base hit to center.
Hernández led off the inning with a drive to center to tie it at 1-all. Miguel Rojas and Mookie Betts followed with singles before Shohei Ohtani drew a walk to load the bases.
Freeman then got hold of Cecconi's fastball that was low in the strike zone and put it over the wall in right-center for his fifth homer of the year. It also was the third grand slam this season for the Dodgers.
Five pitches later, Smith added a solo shot to left-center, marking the second time this season the Dodgers have had back-to-back homers.
Yamamoto's night ended when Newman's RBI base hit up the middle to bring Arizona within 6-2.
Gurriel Jr. and McCarthy's solo shots in the eighth were the second time the Diamondbacks have hit back-to-back homers this season.
TRAINER'S ROOM
Diamondbacks: OF Alek Thomas (strained left hamstring) has started pool running and taking live at-bats.
Dodgers: RHP Evan Phillips (right hamstring strain) is expected to have a two- to three-game rehab assignment sometime this week. ... RHP Bobby Miller (right shoulder inflammation) will throw a three-inning simulated game Tuesday.
UP NEXT
Arizona RHP Brandon Pfaadt (1-3, 4.17 ERA) takes on Los Angeles RHP Gavin Stone (4-1, 3.27 ERA) in Tuesday's middle game of the series.
AP MLB: https://apnews.com/hub/mlb
Los Angeles Sparks' Cameron Brink, left, and Rickea Jackson, right, throw the ceremonial first pitches before a baseball game between the Los Angeles Dodgers and the Arizona Diamondbacks, Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Arizona Diamondbacks starting pitcher Joe Mantiply throws to a Los Angeles Dodgers batter during the first inning of a baseball game Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Arizona Diamondbacks shortstop Kevin Newman, left, throws over Los Angeles Dodgers' Shohei Ohtani, right, to compete a double play after a ground ball hit by Dodgers' Freddie Freeman during the first inning of a baseball game Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Los Angeles Dodgers starting pitcher Yoshinobu Yamamoto follows through to an Arizona Diamondbacks batter during the first inning of a baseball game Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Arizona Diamondbacks left fielder Lourdes Gurriel Jr. makes a sliding catch on a fly ball hit by Los Angeles Dodgers' Mookie Betts during the first inning of a baseball game Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Los Angeles Dodgers' Shohei Ohtani, left, is safe at first base on a bunt single past Arizona Diamondbacks first base Christian Walker, right, during the first inning of a baseball game Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Los Angeles Dodgers starting pitcher Yoshinobu Yamamoto points to the home plate umpire during the first inning of a baseball game against the Arizona Diamondbacks, Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Los Angeles Dodgers' Kiké Hernández, left, celebrates after his solo home run with Teoscar Hernández during the third inning of a baseball game against the Arizona Diamondbacks, Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Arizona Diamondbacks' Kevin Newman, right, scores past Los Angeles Dodgers catcher Will Smith, left, on a single by Diamondbacks' Joc Pederson during the third inning of a baseball game Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Los Angeles Dodgers' Freddie Freeman watches his grand slam during the third inning of a baseball game against the Arizona Diamondbacks, Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
Los Angeles Dodgers' Freddie Freeman (5) celebrates after his grand slam with teammate Shohei Ohtani (17) during the third inning of a baseball game against the Arizona Diamondbacks, Monday, May 20, 2024, in Los Angeles. (AP Photo/Marcio Jose Sanchez)
