Eli Lilly Soars On Diabetes And Obesity Drug Boom, Projects 20% Revenue Increase In 2024
Portfolio Pulse from Benzinga Neuro
Eli Lilly and Co (NYSE:LLY) projects a 20% revenue increase for 2024, driven by strong demand for its diabetes and obesity drugs, Mounjaro and Zepbound. The company's shares rose 5.8% in pre-market trading after announcing fourth-quarter earnings, with revenues from new products like Mounjaro and Zepbound contributing significantly to a total quarterly revenue of $9.35 billion, surpassing analysts' expectations. Lilly's 2024 revenue is estimated to be between $40.4 billion and $41.6 billion, up from $34.1 billion in 2023.
February 06, 2024 | 2:15 pm
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Eli Lilly anticipates a 20% revenue increase in 2024, driven by its diabetes and obesity drugs, leading to a 5.8% rise in pre-market shares after surpassing Q4 earnings expectations.
The projected 20% revenue increase for 2024 is a significant positive development for Eli Lilly, indicating strong demand for its key products, Mounjaro and Zepbound. This news, coupled with the company's performance surpassing analysts' expectations for Q4, has already led to a notable increase in its share price in pre-market trading. The focus on expanding in new markets and increasing manufacturing capacity for these drugs suggests a strong growth trajectory, making this news highly relevant and important for investors.
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