Zepbound and Mounjaro invest heavily in Eli Lilly, enabling a better-than-expected second-quarter

Indianapolis, Indiana – With the help of Zepbound, a weight loss medication, and Mounjaro, a diabetic medicine, Eli Lilly exceeded its own second-quarter sales forecast by more than $4 billion.

Along with Wall Street’s forecasts, Lilly raised its projection for the year as newer medications like Zepbound gained traction.

Before the markets opened on Thursday, the company’s shares shot up after Lilly released its quarterly results.

In the quarter, Mounjaro’s sales nearly tripled to $3.1 billion. Produced from the same chemical, Zepbound generated $1.2 billion in revenue two quarters after the medicine was approved by regulators.

Verzenio, a therapy for breast cancer, saw a 44% increase in sales to $1.3 billion.

In a research note, TD Cowen analyst Steve Scala stated that almost all of the company’s major products outperformed forecasts for the quarter in terms of sales. The $632 million-earning insulin Humalog is on that list.

Lilly’s total earnings increased by 68% to $2.97 billion. Revenue reached $11.3 billion, up 36%. The adjusted earnings per share came to $3.92.

According to FactSet, analysts anticipated earnings per share of $2.74 on revenue of $9.97 billion.

As of right now, Lilly estimates that its adjusted earnings for the year will be between $16.10 and $16.60. That is about $2 more than the $13.69 Wall Street average.

Additionally, when Lilly released its first-quarter results in April, it exceeded expectations in raising its outlook.

In premarket trading, shares of Indianapolis-based Eli Lilly & Co. surged by over 11%, or about $9, to $862.27.

This year, the stock has already touched a number of new all-time highs; the most recent one was last month, when shares hit $966.10.