Lilly Reports Strong Q1 Financial Results with 26% Revenue Growth; Mounjaro and Zepbound Sales Surge
08 May 2024
Phase 3AcquisitionClinical ResultFinancial StatementDrug Approval
Pharmaceutical giant Lilly has recently released its financial performance for the first quarter of 2024, showcasing robust growth and impressive sales figures for Mounjaro and Zepbound. The company's Q1 earnings report highlights the significant contributions made by these products, driving a remarkable 26% increase in revenue.
Lilly's Q1 financial report reflects a strong performance, driven by the sales growth of Mounjaro, Zepbound, as well as the company's flagship products, Verzenio® and Olumiant®. The 26% increase in revenue during the first quarter underscores the success of Lilly's strategic focus on innovative therapies and its commitment to addressing unmet medical needs.
In terms of pipeline progress, Lilly has achieved positive results in two Phase 3 trials of tirzepatide for obstructive sleep apnea. Additionally, mirikizumab, a treatment for moderate-to-severe Crohn's disease, has been submitted for regulatory approval in the United States and European Union. Furthermore, lebrikizumab, intended for the treatment of moderate-to-severe atopic dermatitis, has been resubmitted for regulatory consideration in the United States. Lilly has also initiated a Phase 3 clinical study for lepodisiran, evaluating its efficacy in reducing cardiovascular risk in participants with elevated lipoprotein(a) levels.
The financial report indicates 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 include a loss of $0.10 per share due to acquisition-related in-process research and development (IPR&D) expenses. Lilly has revised its full-year revenue guidance by $2 billion, expecting a positive impact on earnings per share. The core earnings per share guidance has been adjusted to $13.05 to $13.55, while the non-GAAP core earnings per share guidance is now projected to be $13.50 to $14.00.
In terms of regulatory news, the positive results from the SURMOUNT-OSA Phase 3 clinical trial demonstrated that tirzepatide significantly reduced respiratory events and the apnea-hypopnea index in adult patients with moderate-to-severe obstructive sleep apnea and obesity, compared to placebo. Lilly has also submitted an application for mirikizumab in the treatment of moderate-to-severe Crohn's disease and expects regulatory decisions in the second half of 2024. Furthermore, the EMPACT-MI Phase 3 clinical trial results showed a 10% relative risk reduction in first-time hospitalization due to heart failure or all-cause death in patients treated with Olumiant®; however, statistical significance was not reached.
Apart from these developments, Lilly announced the approval of the multi-dose delivery device Kwikpen for Mounjaro® in the European Union, following its earlier approval in the United Kingdom for the treatment of type 2 diabetes and long-term weight management. Promising results were also observed in a Phase 3 study evaluating the efficacy of Lebrikizumab in improving skin clearance and itch relief in patients with moderate-to-severe atopic dermatitis of African American descent. Additionally, Lilly entered into an agreement to acquire a new injectable drug manufacturing facility from Nexus Pharmaceuticals, LLC, expanding its production capabilities in the United States.
Lilly's Q1 financial results demonstrate strong revenue growth, propelled by the impressive sales performance of Mounjaro and Zepbound. The company's commitment to advancing its product pipeline is evident in the positive outcomes of clinical trials for various innovative therapies. With revised revenue and earnings guidance, Lilly remains poised for continued success and aims to deliver transformative healthcare solutions to patients worldwide.
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