April 30, 2024 - $Eli Lilly and Co (LLY.US)$ shares rose 7.40% to $791.72 in trading on Tuesday. Eli Lilly and Company today released its better-than-expected financial results for the first quarter of 2024, revealing an upward revision in its full-year revenue guidance by $2 billion and highlighting pipeline momentum.
First-Quarter 2024 Financial Results Highlights
Q1 Revenue of $8.77 billion, increased 26% a year earlier, driven by Mounjaro, Zepbound, Verzenio and Jardiance.
Pipeline progress included positive results from two Phase 3 trials of tirzepatide for obstructive sleep apnea; submission of mirikizumab for Crohn's disease in the U.S. and EU; resubmission of lebrikizumab for atopic dermatitis in the U.S.; and initiation of lepodisiran in a Phase 3 study for atherosclerotic cardiovascular disease.
Q1 Reported EPS rose by 66% to $2.48, and its non-GAAP EPS climbed 59% to $2.58, both inclusive of $0.10 of acquired IPR&D charges.
"Lilly's first quarter performance reflects solid year-over-year revenue growth with strong sales of Mounjaro and Zepbound," said David A. Ricks, Lilly's chair and CEO. "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."
2024 Full-year Financial Guidance
For full-year guidance, The company raises its revenue guidance by $2.0 billion to the range of $42.4 billion to $43.6 billion, versus Prior Guidance Of $40.4 to $41.6 billion, primarily driven by the strong performance of Mounjaro and Zepbound and greater visibility into the company's production expansion for the remainder of the year. Non-GAAP EPS Guidance is $13.50-$14.00 Versus Prior Guidance Of $12.20-$12.70.
