08:43 AM EDT, 04/30/2024 (MT Newswires) -- Eli Lilly ( LLY ) lifted its full-year outlook on Tuesday after delivering higher first-quarter results on a yearly basis, boosted by sales of the company's Mounjaro diabetes drug and weight-loss drug Zepbound.

Adjusted earnings are now set to come in between $13.50 and $14 a share for 2024, up from prior projections of $12.20 to $12.70. The consensus among analysts on Capital IQ is for normalized EPS of $12.93. The stock spiked 6.6% in premarket activity.

Revenue is pegged at $42.4 billion to $43.6 billion versus the previous guidance of $40.4 billion to $41.6 billion, mainly driven by the robust performance of Mounjaro and Zepbound, as well as "greater visibility" for product expansion for the rest of the year, according to the drugmaker. The Street is looking for revenue of $42.86 billion for 2024.

For the three months through March, per-share adjusted earnings surged 59% to $2.58, topping analysts' $2.49 estimate. Revenue climbed to $8.77 billion from $6.96 billion the year before, but fell short of the Street's view for $8.93 billion.

"Lilly's first quarter performance reflects solid year-over-year revenue growth with strong sales of Mounjaro and Zepbound," Chief Executive David Ricks said in a statement. "As we continue to make pipeline investments that position us for future growth, we are rapidly expanding manufacturing capacity to make our incretin medicines available to more patients."

Sales in the US jumped 28% to $5.69 billion buoyed by 16% and 12% gains in prices and volume, respectively. Revenue from non-US markets advanced 22% to $3.07 billion, partially offset by a 1% decrease in prices.

Mounjaro recorded sales of $1.81 billion, compared with $568.5 million in the prior-year period, while Zepbound, which was launched in the US in November, logged revenue of $517.4 million during the quarter. Other key products such as Verzenio and Jardiance saw revenue growth of 40% and 19%, respectively, while Trulicity slumped 26% to $1.46 billion.

Lilly's marketing, selling and administrative expenses widened 12% year over year to $1.95 billion, stemming from promotions as well as increased compensation and benefit costs.

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