Lilly Reports Robust Q1 with 26% Revenue Growth; Mounjaro and Zepbound Sales Soar

Pharmaceutical giant Lilly has reported its financial results for the first quarter of 2024, showing robust growth fueled by strong sales of Mounjaro and Zepbound. The company's Q1 earnings exhibit a notable 26% rise in revenue, largely attributed to these products' success.

The first quarter's financial performance for Lilly has been impressive, with sales of Mounjaro and Zepbound playing pivotal roles. Additionally, flagship products such as Verzenio® and Olumiant® have significantly contributed to the revenue surge. This 26% revenue increase highlights Lilly's strategic emphasis on innovative therapies and its dedication to addressing unmet medical needs.

Lilly's pipeline saw substantial progress, with positive results emerging from two Phase 3 trials of tirzepatide aimed at treating obstructive sleep apnea. Moreover, mirikizumab, a medication for moderate-to-severe Crohn's disease, has been submitted for regulatory approval in both the United States and the European Union. Lebrikizumab, intended for moderate-to-severe atopic dermatitis, has also been resubmitted for U.S. regulatory review. Furthermore, Lilly has embarked on a Phase 3 clinical trial for lepodisiran to assess its effectiveness in mitigating cardiovascular risks in individuals with elevated lipoprotein(a) levels.

The financial report details a 66% increase in earnings per share (EPS) to $2.48 on a core basis, and a 59% increase to $2.58 on a non-GAAP basis. These figures account for a $0.10 per share loss due to acquisition-related in-process research and development (IPR&D) expenses. Lilly has updated its full-year revenue forecast, projecting an increase of $2 billion, which is expected to positively influence earnings per share. The core EPS guidance has been revised to a range of $13.05 to $13.55, while non-GAAP core EPS is now anticipated to be between $13.50 and $14.00.

In regulatory developments, the SURMOUNT-OSA Phase 3 clinical trial results were promising, showing that tirzepatide significantly decreased respiratory events and the apnea-hypopnea index among adults with moderate-to-severe obstructive sleep apnea and obesity, compared to a placebo. Lilly has also filed for the approval of mirikizumab to treat moderate-to-severe Crohn's disease, with regulatory decisions expected in the latter half of 2024. Meanwhile, the EMPACT-MI Phase 3 clinical trial results indicated a 10% relative risk reduction in first-time hospitalization for heart failure or all-cause death among patients treated with Olumiant®, although statistical significance was not achieved.

Moreover, Lilly has announced the European Union's approval of the multi-dose delivery device Kwikpen for Mounjaro®, following its earlier approval in the United Kingdom for treating type 2 diabetes and managing long-term weight. Encouraging results were also reported from a Phase 3 study evaluating Lebrikizumab's efficacy in enhancing skin clearance and itch relief in African American patients with moderate-to-severe atopic dermatitis. Additionally, Lilly has entered into an agreement to acquire a new injectable drug manufacturing facility from Nexus Pharmaceuticals, LLC, thereby expanding its production capabilities in the United States.

Lilly’s first-quarter financial results underline robust revenue growth, driven by the strong sales of Mounjaro and Zepbound. The company’s commitment to advancing its product pipeline is evident in the positive outcomes of various clinical trials for innovative treatments. With revised revenue and earnings projections, Lilly is well-positioned for continued success and aims to provide transformative healthcare solutions on a global scale.