Summary by Futu AI
Eli Lilly and Co announced robust financial results for the first quarter of 2024, with a significant 26% increase in revenue to $8.77 billion compared to the same period in 2023. The growth was primarily driven by strong sales of Mounjaro, Zepbound, Verzenio, and Jardiance. The company also reported a 66% increase in reported earnings per share (EPS) to $2.48 and a 59% increase in non-GAAP EPS to $2.58. Eli Lilly raised its full-year revenue guidance by $2 billion and increased its reported EPS guidance by $1.25, now expecting it to be in the range of $13.05 to $13.55, with non-GAAP EPS guidance also raised by $1.30 to be between $13.50 and $14.00. The company's pipeline showed positive progress, including positive results from Phase 3 trials of tirzepatide for obstructive sleep apnea and submissions for mirikizumab for Crohn's disease in the U.S. and EU. Additionally, the company is expanding its manufacturing capacity to meet the high demand for its incretin medicines. The financial results were released on April 30, 2024, and included a press release detailing the quarter's performance and future outlook.