Eli Lilly and Co on Thursday raised its annual revenue and profit forecasts after topping first-quarter sales estimates on demand for its closely watched diabetes drug Mounjaro, ahead of a decision on its use as a treatment for obesity.
on Thursday raised its annual revenue and profit forecasts after topping first-quarter sales estimates on demand for its closely watched diabetes drug Mounjaro, ahead of a decision on its use as a treatment for obesity.it planned to complete rolling submission to the U.S. Food and Drug Administration for use of the drug, commonly known as tirzepatide, in obesity patients in the coming weeks, following positive data from a second late-stage study.
Lilly has been leaning on Mounjaro, approved last May for diabetes, to soften the hit to sales from price cuts for its insulin products and competition for cancer therapy Alimta. Lilly now expects adjusted 2023 earnings of $8.65 to $8.85 per share, compared with its prior forecast of $8.35 to $8.55. Analysts were expecting an annual profit of $8.45 per share, according to Refinitiv estimates.
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