Business
Indianapolis-based entirely pharmaceutical company Eli Lilly sold $176 million of its original weight-loss drug Zepbound in just beneath a month, according to the company’s fourth-quarter earnings file launched Tuesday. Zepbound, a GLP-1 weight loss drug a equivalent to Ozempic and Wegovy (both made by Novo Nordisk), launched in December.
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Set a question to for Zepbound and Eli Lilly’s diabetes drug Mounjaro, which has also been outdated off-label for weight loss, has propelled the company’s profit to $2.2 billion in the three months ended Dec. 31, up 13% from $1.9 billion in the identical length the year prior.
The company’s income in the fourth quarter soared 28% year-over-year to $9.4 billion, from $7.3 billion.
Earnings per portion got right here to $2.49, beating Wall Aspect highway expectations of $2.47, according to a consensus estimate by Zacks Investment Research.
Offer constraints in 2024
Eli Lilly projects that its 2024 income will reach between $40.4 billion and $41.6 billion. Its income in 2023 turned into as soon as $34 billion. The company also anticipates excessive examine for its weight loss drug in the coming year.
“The company continues to make on its manufacturing expansion agenda, on the other hand, given solid examine and the time required to bring manufacturing capacity fully online, the company expects that examine for incretins [GLP-1s] is at likelihood of outpace supply in 2024,” the company mentioned in a press release.
Eli Lilly stock has jumped just about 4% to $732 during Tuesday morning trading. The company’s market cap presently stands at $670 billion, the best doubtless of any healthcare company globally.
Last week, head of healthcare sector approach for Norway’s sovereign wealth fund Gemma Game predicted that Eli Lilly shall be one of the first healthcare companies to succeed in a thousand billion dollar market cap. That ordinary club is presently made up of tech and oil companies.
“Perchance in the future we’ll be talking about Eli Lilly and Novo Nordisk as the world’s first trillion-dollar successfully being care companies,” Game mentioned, at a press convention on Tuesday (Jan. 30).
