Eli Lilly (LLY) stock soars, Q1 earnings results show 26% revenue growth

The Eli Lilly And Company (NYSE: LLY) stock has jumped +53.33 (7.23%) after the company reported strong financial performance in its Q1 earnings report.

At press time, the Eli Lilly stock was trading at $790.50 up from yesterday’s close of $737.17.

Demand for key Eli Lilly (LLY) products drives performance

The Q1 earnings results show that Eli Lilly’s revenue experienced a notable 26% increase compared to the same period last year. Although the revenue missed analysts’ expectations, it shows the company’s continued growth in 2024.

This growth was primarily driven by strong demand for key pharmaceutical products, including Mounjaro, Zepbound, Verzenio, and Jardiance.

Notably, revenue in the U.S. surged by 28%, supported by a 16% rise in realized prices and a 12% increase in volume.

Furthermore, revenue outside the U.S. witnessed a substantial 22% uptick, primarily fueled by a 23% increase in volume, albeit partially offset by a 1% decline due to lower realized prices.

The company’s earnings per share (EPS) for Q1 2024 surged impressively, rising by 66% to $2.48 on a reported basis and by 59% to $2.58 on a non-GAAP basis, inclusive of $0.10 of acquired IPR&D charges.

Eli Lilly’s pipeline momentum remained strong during the quarter, with positive results from two Phase 3 trials of tirzepatide for obstructive sleep apnea. Additionally, the company submitted mirikizumab for the treatment of Crohn’s disease in both the U.S. and EU, while also resubmitting lebrikizumab for atopic dermatitis in the U.S.

Furthermore, the initiation of lepodisiran in a Phase 3 study for atherosclerotic cardiovascular disease underscored Eli Lilly’s commitment to addressing critical healthcare challenges.

Eli Lilly’s Q2 revenue guidance revised upward

Looking ahead, Eli Lilly has raised its full-year 2024 revenue guidance by a substantial $2.0 billion, reflecting the company’s confidence in its growth prospects.

The revised guidance indicates a heightened expectation for continued revenue expansion throughout the year. Additionally, the company has adjusted its reported EPS guidance upward by $1.25 to a range of $13.05 to $13.55 and its non-GAAP EPS guidance by $1.30 to a range of $13.50 to $14.00, surpassing previous consensus estimates.

The optimistic outlook is supported by ongoing pipeline advancements and strategic investments aimed at addressing unmet medical needs.

Eli Lilly’s commitment to expanding manufacturing capacity to meet growing demand for its pharmaceutical products underscores its dedication to making essential medicines accessible to a broader patient population.

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