09:09 AM EDT, 08/08/2024 (MT Newswires) -- Eli Lilly ( LLY ) lifted its full-year outlook on Thursday after delivering stronger-than-anticipated second-quarter results, boosted by demand for the company's Mounjaro diabetes treatment and weight-loss drug Zepbound.

Adjusted earnings are now set to come in between $16.10 and $16.60 per share for 2024, up from prior projections of $13.50 to $14. The consensus among analysts on Capital IQ is for normalized EPS of $13.71. The stock was up about 13% in premarket activity.

Revenue is pegged at $45.4 billion to $46.6 billion versus the previous guidance of $42.4 billion to $43.6 billion, driven by strength in Mounjaro and Zepbound, as well as the drugmaker's non-incretin medicines, it said. The Street is looking for revenue of $42.95 billion for the current year.

For the three months through June, adjusted EPS surged 86% to $3.92, topping analysts' $2.76 estimate. Revenue climbed to $11.3 billion from $8.31 billion the year before, exceeding the Street's view for $9.97 billion.

"Mounjaro, Zepbound and Verzenio led our strong financial performance in the second quarter as we advanced our manufacturing expansion agenda," Chief Executive David Ricks said in a statement. "It is equally exciting to see the growth around the world of our medicines for cancer, neurological disorders and autoimmune diseases."

Verzenio is used to treat breast cancer.

Sales in the US jumped 42% to $7.84 billion buoyed by 27% and 15% gains in volume and prices, respectively. Revenue from non-US markets advanced 25% to $3.47 billion, partially offset by a 3% foreign-exchange headwind.

Mounjaro sales soared to $3.09 billion from $979.7 million in the prior-year period, aided by robust demand in the US, among other factors. Zepbound, which was launched in the US in November, logged revenue of $1.24 billion during the second quarter. Verzenio's sales grew 44% while Trulicity slumped 31%.

Gross margin improved 2.5 percentage points to 80.8%, driven by a favorable product mix and higher prices. Lilly's marketing, selling and administrative expenses increased 10% year over year to $2.12 billion.

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