On Thursday, Eli Lilly and Company LLY reported its second quarter results, smashing estimates fueled by the popularity of its blockbuster diabetes drug Mounjaro and weight loss injection Zepbound. Without giving any specific details, the pharmaceutical company did reveal it reached several supply related milestones during the quarter. The second quarter results reflect Eli Lilly’s leading position in the lucrative weight loss field, which even the mighty Pfizer Inc PFE is struggling to access.
Impressive Second Quarter Results For the second quarter, revenue rose almost 36% to $11.30 billion, fueled by the success of Mounjaro and Zepbound, the type-2 diabetes and weight loss drugs. Mounjaro’s sales alone more than tripled compared to last year’s comparable quarter as it brought in $3.
09 billion. On the other hand, its rival Novo Nordisk NVO reported weaker than expected second quarter sales of its weight loss drug Wegovy and diabetes injection Ozempic. Novo Nordisk elaborated that Wegovy’s revenue suffered due to higher-than-expected price concessions to U.
S. pharmacy benefit managers who act on behalf of insurers in arranging discounts with manufacturers. Unlike Novo Nordisk, Eli Lilly’s blockbusters enjoyed greater popularity despite hefty monthly price tags, inconsistent insurance coverage and intermittent supply shortages.
With new product sales growing by nearly $3.5 billion, Eli Lilly easily topped LSEG’s consensus revenue estimate of $9.92 billion.
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