Eli Lilly (NYSE: $LLY) is a leading pharmaceutical company headquartered in Indianapolis, Indiana. Its products are sold in around 125 countries, with offices in 18 countries.
On Tuesday, April 30, Eli Lilly reported its Q1 results for fiscal 2024, showcasing a 67% gain in revenue. The stock was trading with a 6% increase on Tuesday.
Mounjaro and Zepbound Fuel Eli Lilly’s Revenue Growth
The drug makers reported a net income of $2.24 billion in the first quarter with an EPS of $2.48, a 66% increase over the year. The net income and EPS surpassed Walls Street estimates by 6.16% and 5.98%, respectively.
Moreover, the revenue was increased by 26% as Lilly’s total revenues for the quarter amounted to $8.8 billion, marking an increase of approximately $2 billion compared to the nearly $7 billion generated in the corresponding quarter of 2023. Significant sales of weight loss drugs Mounjaro and Zepbound boosted this. There were also other drugs, such as Verzenio and Jardiance.
David A. Rick, Lilly’s Chair and CEO, said, “Lilly’s first quarter performance reflects solid year-over-year revenue growth with strong sales of Mounjaro and Zepbound.”
He added, “Our progress in addressing some of the world’s most significant health care challenges has resulted in increased demand for our medicines. As we continue to make pipeline investments that position us for future growth, we are rapidly expanding manufacturing capacity to make our incretin medicines available to more patients.”
Mounjaro and Zepbound contributed $1.79 $2.39 billion to the revenue in the first quarter. Other drugs such as Verzenio, Jardiance, Taltz, and Emgality also contributed $4.99 billion, a 2% increase in revenue. However, this growth was somewhat dampened by decreased sales of Trulicity.
During the investor call, Eli Lilly CFO Anat Ashkenazi said, “Now that we’re four months into the year, we have greater visibility into that, into these nodes of capacity and feel more confident.“
2024 Guidance
The company forecasted 2024 revenue of between $42.4 and $43.6 billion, $2 increase billion from the previous guidance at the midpoint. It anticipates full-year adjusted EPS to range between $13.50 and $14.00 per share, an increase from the prior guidance of $12.20 to $12.70 per share.
LSEG analyst anticipates the company’s 2024 adjusted EPS to be between $12.50 per share and revenue of $41.44 billion.
CEO Ricks said, “Our top priority is making more product, and we’re doing everything we can to do that.” He also said, “We’re ramping that aggressively. But it’s capital intensive, it’s technically complex and highly regulated.”
Eli Lilly (LLY) Stock Performance
Following the positive results, LLY stock closed 5.95% higher on Tuesday at $781.1 per share. As of 03:08 PM EDT on Wednesday, May 1, 2024, LLY is trading at $779.72, down 0.18% from Tuesday’s closing price. It is up 32.13% year-to-date as of Tuesday’s closing price. Over the past 52 weeks, it has gained 81.15% compared to the 23.10% gain of the SPX in the same period.
Its price is above the 50 and 200 DMAs of $760.91 and $625.78, respectively, and it has an intraday market cap of 742.64B billion, with a 24-hour trading volume of 1,066,209 shares.
Should You Invest in LLY?
Eli Lilly’s stellar Q1 results and revised upbeat guidance make it a lucrative option for investors seeking exposure to the healthcare sector.
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