jetcityimage/iStock Editorial via Getty Images Eli Lilly ( NYSE: LLY ) shares rose ~10% in premarket trading on Thursday after the company, with its Q2 2024 financials, increased its full-year outlook above consensus as its weight loss products exceeded expectations. LLY's rival in the weight loss space, Novo Nordisk ( NVO ), which fell short of expectations for its obesity therapy Wegovy on Wednesday with its Q2 results, also added ~5% after its U.S.
peers' Q2 beat. Indiana-based Lilly ( LLY ) reported $11.3B in revenue for the quarter, with ~36% YoY growth, exceeding analysts' estimates by as much as $1.
33B. In addition to its GLP-1 agonists Mounjaro and Zepbound, indicated for diabetes and weight loss, LLY's breast cancer therapy Verzenio led to revenue growth, the company said. Sales from Mounjaro reached $3.
1B, marking a threefold rise from the prior year quarter and exceeding ~$2.4B in the consensus, according to Bloomberg data. Meanwhile, Mounjaro’s recently launched sister drug, Zepbound, added $1.
2B to the topline compared to $818.9M in the consensus. While Verzenio sales climbed ~44% YoY to $1.
3B, revenue from LLY's diabetes therapy Trulicity fell ~31% YoY to $1.2B, falling short of $1.5B in the consensus.
"Mounjaro, Zepbound, and Verzenio led our strong financial performance in the second quarter as we advanced our manufacturing expansion agenda," CEO David Ricks remarked. "It is equally exciting to see the growth around the world of our medicines for cancer, neu.