Eli Lilly CEO Dave Ricks reports strong second-quarter earnings and increased full-year sales outlook.
Eli Lilly CEO Dave Ricks reported second-quarter earnings and revenue that exceeded analyst estimates, leading the company to raise its full-year sales outlook. The pharmaceutical giant reported a 33% increase in U.S. revenue to $14.4 billion, driven by surging demand for its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro. While realized prices for these medications dropped, the volume of prescriptions sold rose by 37%. Dave Ricks noted that Mounjaro saw significant international growth, with worldwide revenue jumping 91% to $9.94 billion. The company also reported strong initial performance for its newly launched obesity pill, Foundayo. Ricks highlighted that the administration announced Medicare's new coverage of obesity drugs in July, which allows eligible seniors to access branded GLP-1s for a monthly copay of $50. Ricks expressed confidence that the move by the administration will significantly reduce Medicare costs and improve the longevity of seniors.