Eli Lilly CEO Dave Ricks reports strong second-quarter earnings and raised full-year sales outlook.
Eli Lilly CEO Dave Ricks reported second-quarter earnings and revenue that exceeded analyst estimates, leading the company to hike its full-year sales outlook. The pharmaceutical giant reported net income of $7.10 billion for the quarter, driven by surging demand for its blockbuster weight loss drug Zepbound and diabetes treatment Mounjaro. Dave Ricks noted that Mounjaro saw significant international growth, particularly in middle-income countries like Brazil, China, and India. While Zepbound revenue in the U.S. rose 44% year-over-year, the company also saw a 37% increase in prescription volume. Ricks highlighted that the new Medicare coverage for obesity drugs, initiated by the administration, is off to a strong start and will benefit seniors by providing a monthly copay of $50. The company is currently executing a historic M&A spending spree, including recent deals to acquire a psychedelics drugmaker and three vaccine makers. Eli Lilly currently holds a 60.9% share of the U.S. obesity and diabetes drug market.