Eli Lilly raised its full-year revenue forecast after third-quarter results exceeded expectations, reinforcing the extraordinary growth of its diabetes and obesity businesses.
Third-quarter revenue increased 39% to $24.4 billion, driven primarily by Mounjaro and Zepbound. Non-GAAP earnings reached $7.48 per share, while reported net income increased 16% to approximately $6.45 billion.
Lilly now expects full-year revenue of $91 billion to $92 billion, increasing the midpoint of its previous guidance by $5.5 billion.
Patient demand continues to drive the expansion. Worldwide sales volumes increased 53%, more than offsetting a 15% decline in realized prices.
U.S. revenue increased 34% to $15.1 billion, while revenue outside the United States jumped 47% to $9.3 billion. Mounjaro was a major contributor to international growth, while both Mounjaro and Zepbound drove higher U.S. volumes.
The company also continues expanding its drug pipeline. Lilly reported positive late-stage results for retatrutide against Ozempic in adults with type 2 diabetes and expects additional Phase 3 development.
The results demonstrate how rapidly the global obesity and diabetes treatment market continues expanding.
Investors will now focus on whether rising patient volumes can continue offsetting pricing pressure and whether Lilly’s next generation of treatments can extend its position in the fast-growing metabolic-drug market.
