Lilly bumps up outlook as Mounjaro takes centre stage

27 Apr 2023
firstwordpharma.com
Financial StatementDrug ApprovalPhase 2Phase 1
Headline results for the first quarter:
Revenue: $7 billion, down 11%
Profit: $1.3 billion, down 29%
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
"Core business growth drove solid first-quarter financial results and a strong start for Eli Lilly in 2023, which includes pipeline progress led by positive SURMOUNT-2 data for tirzepatide in obesity," remarked CEO David Ricks.
The company said the decline in volumes was driven by $1.5 billion in revenue from COVID-19 antibodies in the first quarter of 2022. Excluding COVID-19 antibodies, Eli Lilly said sales in the first three months of this year were up 10%, with new products contributing $573.6 million.
Other results:
US revenue: $4.4 billion, down 14%, with Eli Lilly noting that excluding COVID-19 antibodies, revenue in the US jumped 19%, primarily driven by Mounjaro, Trulicity and Verzenio
Non-US revenue: $2.5 billion, down 4%, hit by the impact of foreign exchange rates
Key growth products: $4.6 billion, up 18%
Trulicity: $2 billion, up 14%, with delays in fulfilling certain US orders of the drug persisting through the first quarter, "but at a reduced level"
Verzenio: $750.9 million, up 60%, driven by increased demand
Jardiance: $577.5 million, up 38%
Mounjaro: $568.5 million, following its approval by the FDA last May to improve glucose control in adults with type 2 diabetes
Taltz: $527million, up 8%
Cyramza: $236.8 million, up 3%
Olumiant: $228.9 million, down 10%, driven by a decline in its use as a COVID-19 treatment
Emgality: $154.3 million, up 3%
Humalog: $460.9 million, down 25%
Alimta: $58.2 million, down 83%
Looking ahead:
Eli Lilly bumped up its sales guidance for 2023 by $900 million to between $31.2 billion and $31.7 billion, driven by approximately $650 million associated with updates to foreign exchange rate assumptions, with the remainder attributed to underlying business performance. It is also projecting higher earnings for the year, to between $8.65 and $8.85 per share, up from a prior range of $8.35 to $8.55 per share.
Pipeline update:
The earnings call coincided with Eli Lilly releasing the latest data on its once-weekly dual GIP and GLP-1 receptor agonist MounjaroGIP and GLP-1 receptor agonist Mounjaro in obesity, paving the way for the company to complete its rolling submission to the FDA for that indication.
The company also disclosed that it removed a Phase II TRPA1 antagonist from its pipeline that was under development to treat pain.
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