On Thursday, Eli Lilly And Co ( LLY ) reported second-quarter revenue of $11.3 billion, up 36% year over year, easily surpassing the consensus of $9.95 billion.

The increase was driven by a 27% increase in volume and a 10% increase due to higher realized prices.

The volume increase was primarily driven by growth from Mounjaro, Zepbound, Verzenio, Taltz and Jardiance, partially offset by the sale of rights for Baqsimi in Q2 2023 and declines in Trulicity.

In its earnings release, Eli Lilly ( LLY ) reported strong sales growth in its incretin medicines, driven by increased production that improved U.S. channel dynamics and stocking levels.

Although supply and demand are now more balanced, the company anticipates potential supply constraints for certain doses as demand continues to rise.

In the U.S., Eli Lilly ( LLY ) plans to launch Zepbound 2.5 mg and 5 mg single-dose vials in the coming weeks.

Also Read: Eli Lilly’s Zepbound Challenges Novo Nordisk’s Wegovy Amid Supply Issues

The company reported adjusted EPS of $3.92, up from $2.11 a year ago and beating the consensus of $2.70.

Mounjaro sales tripled to $3.09 billion from $979.7 million a year ago.

Sales of Verzenio (a breast cancer drug) increased 44% to $1.33 billion, and sales of diabetes drug Jardiance increased 15% to $769.6 million.

Zepbound sales reached 1,243.2 billion, up from $517.4 million reported in the first quarter of 2024 since it received FDA approval in November 2023.

Trulicity sales fell 31% to $1.25 billion, driven by decreased sales volume primarily due to competitive dynamics and supply constraints.

Guidance: Eli Lilly ( LLY ) forecasts fiscal year 2024 sales of $45.4 billion—$46.6 billion, compared to prior guidance of $42.4 billion—$43.6 billion and a consensus of 43.03 billion.

The company says the increased guidance is primarily driven by the strong performance of Mounjaro, Zepbound, and its non-incretin medicines.

Additionally, the company has improved clarity regarding the timing and pace of its production expansions and planned Mounjaro launches outside the U.S. 

In the second quarter, the company achieved several supply-related milestones and has increased confidence regarding production expectations for the rest of the year.

Eli Lilly ( LLY ) also raised its 2024 adjusted EPS guidance to $16.10-$16.60, compared to the prior range of $13.50-$14.00 and consensus of $13.74.

Price Action: LLY stock is up 12.50% at $869.50 during the premarket session at last check Thursday.

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