Tuesday, Eli Lilly And Co ( LLY )  reported first-quarter revenue of $8.77 billion, up 26% year over year, marginally missing the consensus of $8.92 billion, driven by increases of 16% in volume and 10% due to higher realized prices.

The volume increase was primarily driven by growth from Mounjaro, Zepbound, Verzenio, and Jardiance, partially offset by declines in Trulicity. 

Strong demand for the company’s incretin medicines outpaced supply increases. 

Also Read: Changing Frugal Eating Habits – How Novo Nordisk/Eli Lilly’s Weight Loss Drugs Reshaping Food Spending.

Mounjaro drove higher realized prices in the U.S. as Mounjaro saw net price positively impacted by savings card dynamics compared with Q1 2023.

New Products revenue grew by $1.79 billion to $2.39 billion in Q1 2024, led by Mounjaro (diabetes) and Zepbound (weight loss). 

Growth Products revenue increased 2% to $4.66 billion in Q1 2024 as lower Trulicity sales largely offset growth led by Verzenio, Jardiance, Taltz and Emgality.

Mounjaro sales reached $1.81 billion, compared to $568.5 million a year ago.

Verzenio (breast cancer drug) sales increased 40% to $1.05 billion. Diabetes drug Jardiance sales increased 19% to $686.5 million.

Zepbound sales reached $517.4 million since it received FDA approval in November 2023. Trulicity sales fell 26% to $1.5 billion.

Eli Lilly ( LLY ) posted an adjusted EPS of $2.58, beating the consensus of $2.46, higher than $1.62 a year ago.

Guidance: Eli Lilly ( LLY ) forecasts fiscal year 2024 sales of $42.4 billion -$43.6 billion versus prior guidance of $40.4 billion-$41.6 billion and consensus of $41.36 billion.

The company says the increased guidance is primarily driven by the strong performance of Mounjaro and Zepbound and greater visibility into the company’s production expansion for the remainder of the year.

Read Next: Eli Lilly Aims To Close Supply-Demand Gap For Zepbound/Mounjaro As It Acquires Manufacturing Facility From Nexus Pharma.

The company raised its 2024 adjusted EPS guidance to $13.50-$14.00 versus prior guidance of $12.20-$12.70 and consensus of $12.46.

Price Action: LLY shares are up 6.20% at $782.99 at the last check Tuesday.