Eli Lilly's blowout quarter driven by GLP-1s signals end of manufacturing constraints.
) reported significantly better-than-expected earnings Thursday, with revenue coming in 13% higher than Wall Street estimates of $11.3 billion for the second quarter.
As a result, Lilly increased its full-year outlook for the second time this year — a $5 billion increase in guidance since it first set the bar at $40.4 billion to $41.6 billion at the end of 2023. Guidance is now set at $45.4 billion to $46.6 billion for the year.Mizuho's health sector expert Jared Holz said in a note Thursday that the beat on earnings should allay any fears of the pace of uptake of the drugs.
Lilly said it has already submitted an application for the use of Zepbound to treat sleep apnea in the US. Additional uses for both Lilly and Novo's GLP-1s will open the door to greater insurance coverage, as many large payers still won't cover the drugs for weight loss alone.
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