Eli Lilly shares boosted as financials beat forecasts thanks to Mounjaro and Zepbound

Eli Lilly and Co (NYSE:LLY) shares bolted more than 9% higher, adding $72.47 to $844.61, on a strong set of second-quarter financials driven by sales of its diabetes and weight loss drugs Mounjaro and Zepbound.

Revenue reached $11.3 billion, up 36% from the same quarter a year ago and comfortably above Wall Steet expectations of $9.92 billion.

Mounjaro and Zepbound contributed $3.09 billion and $1.24 billion in sales respectively, boosted by both increased volumes and higher prices.

Moreover, Eli Lilly told investors that with upgraded capacity concerns over supply constraints had eased.

Earnings per share came in at $3.92 which was massively ahead of analysts’ consensus estimate of $2.60.

Eli Lilly has now upgraded its full-year revenue forecast, to a range of $45.4 billion to $46.6 billion, from the prior guidance of $42.4 billion to $43.6 billion.

EPS is meanwhile forecast to reach between $16.10 and $16.60, up from the previous range of $13.50 to $14.00.