Eli Lilly hits $1.3T valuation as Mounjaro, Zepbound exceed estimates
Eli Lilly just hit a record $1.3 trillion valuation after its stock soared on Thursday, thanks to booming sales of its weight-loss medications, Mounjaro and Zepbound.
These drugs did better than anyone expected, beating sales expectations by over 5%, so Lilly bumped up its full-year forecast and kept its lead in the obesity drug race.
Lilly raises revenue outlook to $92B
With demand still rising, Lilly raised its revenue outlook to $92 billion, even though some Medicare patients may pay about $50 a month for these medications.
Recent buyouts have trimmed short-term profits, but they're bets on bigger future returns.
Meanwhile, as rival Novo Nordisk pushes its own drug Wegovy, Lilly is rolling out Foundayo in the UK despite a recent sales dip, signaling it's not slowing down in Europe anytime soon.