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 sales and earnings forecast for 2024 beyond Wall Street’s expectations even as it hustles to boost manufacturing and catch up to surging demand for the drugs. Lilly said it was still dealing with supply issues that also hampered the company in the fourth quarter. Company officials expect that to persist through this year, but they emphasized Tuesday that help was on the way. They expect significant manufacturing increases to occur, starting in the back half of the year. CEO David Ricks told analysts Tuesday that Lilly was undergoing “the most ambitious expansion plan in our company’s history.” 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. |
Movement of pilot's seat a focus of probe into LATAM Boeing flight, report saysAustralian foreign aid worker among five killed in Israel airstrike on GazaTarata Road gravel fix plan raises ire of small Taranaki communityInterislander ferry upgrade: Finance Minister warns of cost blowoutContinued funding concerns among disabled communitiesUkraine war: Five dead and a million without power after wave of Russian strikesCoronavirus: People with blood type A 'more vulnerable' to COVID'And so it begins': Inside Parliament during the uneasy transition of governmentPort Hills: Fire crews sent to investigate after reports of smokeMore than 13,000 children killed in Gaza in Israel offensive