Eli Lilly’s second quarter sales were up 38% to $15.6bn ($14.7bn expected) driven by volume growth in its GLP-1 medicines for diabetes and obesity, which more than offset a decrease in prices.
Operating profit rose 85% to $6.9bn ($6.2bn expected), as sales growth outpaced the increase in research & development costs and other expenses.
Full year revenue guidance was increased by $1.5bn to $60-$62bn. The underlying earnings per share outlook has improved from $20.78-$22.28 to $21.75-$23.00.
Separately Lilly announced late state clinical trial data for its once daily GLP-1 tablet orforglipron. The data wasn’t as good as some analysts were hoping for. But the trial met all of its targets and Lilly expects to submit applications for approval by the end of the year.
The shares were down 7.6% in pre-market trading.
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