Eli Lilly Boosts FY24 Outlook - Update

(RTTNews) - While reporting financial results for the first quarter on Tuesday, drugmaker Eli Lilly and Co. (LLY) raised its earnings, adjusted earnings and revenue guidance for the full-year 2024, primarily driven by the strong performance of Mounjaro and Zepbound and greater visibility into the company's production expansion for the remainder of the year.

For fiscal 2024, Eli Lilly now projects earnings in a range of $13.05 to $13.55 per share and adjusted earnings in a range of $13.50 to $14.00 per share on revenues between $42.4 billion and $43.6 billion.

Previously, the company expected earnings in the range of $11.80 to $12.30 per share and adjusted earnings in the range of $12.20 to $12.70 per share on revenues between $40.4 billion and $41.6 billion.

On average, 25 analysts polled by Thomson Reuters expect the company to report earnings of $12.50 per share on revenues of $41.44 billion for the year. Analysts' estimates typically exclude special items.

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