Weight Loss Drug Maker Eli Lilly Stock Soars Amid Mounjaro Sales, Diabetes Treatment In Second Quarter
Portfolio Pulse from Vandana Singh
Eli Lilly reported Q2 sales of $8.31 billion, up 28% Y/Y, beating the consensus of $7.58 billion. This was driven by growth from Mounjaro, Verzenio, Jardiance, Taltz. New Products contributed $1.00 billion to revenue, led by diabetes drug Mounjaro. The company also raised its annual revenue forecast to $33.4-$33.9 billion from prior guidance of $31.2-$31.7 billion. LLY shares are up 9.01% in premarket trading.
August 08, 2023 | 12:52 pm
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NEUTRAL IMPACT
Novo Nordisk's obesity drug Wegovy reduced the risk of a major cardiovascular event by 20% in a trial. This could potentially increase competition for Eli Lilly's Mounjaro.
Novo Nordisk's successful trial of its obesity drug Wegovy could increase competition for Eli Lilly's Mounjaro. However, the impact on Novo Nordisk's stock price is uncertain as it depends on the market's perception of this development.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Eli Lilly's strong Q2 performance and raised annual revenue forecast could lead to a positive short-term impact on its stock price.
Eli Lilly's Q2 sales beat the consensus and the company raised its annual revenue forecast. This positive financial performance is likely to increase investor confidence and drive up the stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100