Global pharmaceutical company Lilly has reported a 26% increase in revenue for the first quarter of 2024, driven by the success of their products Mounjaro, Zepbound, Verzenio, and Jardiance. This impressive performance has led the company to raise its full-year revenue guidance by a substantial £2 billion.
In addition to the significant revenue growth, Lilly also highlighted the progress of its pipeline, including positive results from two Phase 3 trials of tirzepatide for obstructive sleep apnea, the submission of mirikizumab for Crohn’s disease in the US and EU, the resubmission of lebrikizumab for atopic dermatitis in the US, and the commencement of lepodisiran in a Phase 3 study for atherosclerotic cardiovascular disease.
The company’s first-quarter earnings per share (EPS) also saw a remarkable 66% increase to £2.48 on a reported basis and a 59% increase to £2.58 on a non-GAAP basis. These figures include £0.10 of acquired IPR&D charges.
With such promising results, Lilly has raised its full-year revenue guidance by £2 billion and adjusted its reported EPS guidance to be in the range of £13.05 to £13.55 and non-GAAP EPS guidance to be in the range of £13.50 to £14.00.
In a statement, the company’s leadership mentioned, “Lilly’s first quarter performance reflects solid year-over-year revenue growth with strong sales of Mounjaro and Zepbound,” underscoring the positive trajectory of the company’s financial performance.
The company also provided updates on key regulatory, clinical, and business development events. These include the submission of mirikizumab for the treatment of active Crohn’s disease, the resubmission of lebrikizumab for atopic dermatitis, and the initiation of lepodisiran in a Phase 3 study for reducing cardiovascular risk in participants with high lipoprotein(a) who have cardiovascular disease or are at risk of a heart attack or stroke.
Additionally, Lilly also announced its plans to acquire a new injectable medicine manufacturing facility from Nexus Pharmaceuticals, LLC, which will further expand the company’s capacity to produce medicines in the US.
Furthermore, the company shared that it has broken ground at a new parenteral manufacturing site in Germany.
The company’s financial guidance and key metrics were also highlighted in the report, showcasing its exceptional performance and substantial growth in revenue and net income. Lilly’s commitment to fostering a healthier world through its innovative clinical trials and accessible medicines was also emphasised.
Overall, Lilly’s outstanding financial results and tremendous progress in its pipeline have positioned the company for a successful year ahead, and the raised revenue guidance signifies a positive outlook for its future growth and development.