The following is a summary of the Eli Lilly and Company (LLY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Eli Lilly reported Q1 revenue growth of 26% with new products contributing nearly $1.8 billion.
Gross margin as a percent of revenue increased to 82.5% in Q1 2024, up from 78.4% in Q1 2023.
The company delivered an EPS of $2.58 in Q1 2024, a 59% increase compared to Q1 2023.
Full-year revenue outlook has been raised to between $42.4 - $43.6 billion.
Business Progress:
Eli Lilly continues to invest in the launch and development of new medicines, with positive results for Phase 3 trials for tirzepatide.
Expansion of the company's manufacturing capabilities is underway, including acquiring an injectable medicine facility and establishing a new manufacturing site in Germany.
Discussions with the FDA are ongoing regarding the potential benefits of tirzepatide treatment for Non-Alcoholic Steatohepatitis (NASH), obesity, and other metabolic-related diseases.
The company sees potential in donanemab as a treatment for early symptomatic Alzheimer's disease and is making progress in manufacturing scalability for orforglipron, expected to launch in 2026.
Lilly is building a strong portfolio in radiopharmaceuticals, bringing in drugs like PNT2001, currently in Phase 1 trials for potential prostate cancer treatment.
More details: Eli Lilly and Co IR
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