Mounjaro Q3 sales bright spot as Lilly cuts annual profit view
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Eli Lilly (LLY.N) on Thursday beat quarterly sales estimates driven by strong demand for blockbuster drug Mounjaro, and cut its annual profit outlook, citing charges related to its recent acquisitions.
Some analysts said the forecast appears conservative. “A continuation of Lilly’s under promise, over deliver strategy,” said BMO Capital Markets analyst Evan Seigerman.
Lilly shares have rallied over 60% this year to make it the world’s most valuable healthcare company by market cap as investors bet on Mounjaro’s success.
They were up 1.5% in choppy premarket trading.
Analysts are closely watching for details on supply of Lilly’s Mounjaro, which has been in high demand since its U.S. launch last year.
Mounjaro, which crossed over a billion dollars in sales for the first time, is currently approved for diabetes and used off-label for weight loss. The U.S. regulatory decision for its use as a weight-loss treatment is due by the end of this year.
Lilly and rival Novo Nordisk (NOVOb.CO) are ahead in the race to grab a slice of an estimated $100 billion market for new generation anti-obesity treatments known as GLP-1 agonists.
Danish rival Novo said earlier on Thursday it will supply “significantly” more doses of Wegovy in the United States next year, even as it cautioned shortages of the weight-loss injection would continue in the short to medium term.
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