Eli Lilly’s Revenue Booms in Q2 2024 Thanks to Mounjaro and Zepbound

Fueled by diabetes treatment Mounjaro and weight-loss drug Zepbound, Eli Lilly exceeded second-quarter predictions. Together, the two drugs brought in over $4 billion in sales.

In the most recent quarter, Mounjaro pulled in $3.09 billion in revenue, which was significantly more than the $979.7 million made in Q2 2023. Just in the U.S., revenue reached over $2.4 billion. Introduced late last year, Zepbound revenue was $1.24 billion in the U.S.

“Mounjaro, Zepbound and Verzenio led our strong financial performance in the second quarter as we advanced our manufacturing expansion agenda,” said CEO David Ricks in a statement, per FOX Business. 

Eli Lilly made $11.3 billion in revenue in the second quarter, substantially more than analysts’ expectations of $9.92 billion. Profit for the pharmaceutical company hit $2.97 billion, a 68% increase. As a result, Lilly now expects revenue in the range of $45.4 billion to $46.6 billion, an increase of $3 billion over prior predictions, for the entire year.

Earlier this year, Eli Lilly announced a plan to invest over $5 billion to increase operations at a manufacturing site in Indiana. The expansion will help the company increase production of Mounjaro and Zepbound to meet growing demand. Over 900 jobs will likely be created as a result.

The expansion may help with the supply issues as the pharmaceutical behemoth struggles to keep up with demand. According to Healthline, the Food and Drug Administration (FDA) placed Mounjaro on the shortage list in 2022. Zepbound was added in April of this year. However, per the FDA’s drug shortage page, the drugs are currently available.

Nonetheless, during a conference call on Thursday, Ricks noted Lilly is filling orders, but patients may still have to wait for prescriptions. Just because Mounjaro and Zepbound are more readily available does not mean pharmacies will have them in stock.

The Q2 earnings brought good news to the stock market on Thursday. Shares of Eil Lilly rose over 9% to $845.42 on Thursday but did not manage to beat its all-time high of $966.10 reached in July.