Eli Lilly Boosts Sales Forecast by $3 Billion Amid High Demand for Weight-Loss Drug

Eli Lilly has raised its annual sales forecast by $3 billion following increased manufacturing capacity for its weight-loss drug, Zepbound. The company also upgraded its 2024 profit outlook and crossed $1 billion in sales for Zepbound for the first time. Shares surged by 13%, increasing market value by nearly $100 billion.

In a significant move on Thursday, Eli Lilly has raised its annual sales forecast by $3 billion, driven by increased manufacturing capacity for its popular weight-loss drug, Zepbound. The Indianapolis-based pharmaceutical giant saw its shares surge by 13%, potentially adding nearly $100 billion to its market value if gains persist throughout the day.

The company also raised its 2024 profit forecast and announced that quarterly sales of Zepbound have surpassed $1 billion for the first time since its late 2023 launch. This milestone is noteworthy as it coincides with Danish rival Novo Nordisk's rare miss on quarterly sales for its weight-loss drug, Wegovy.

Eli Lilly's Chief Scientific Officer, Daniel Skovronsky, noted that the firm committed over $18 billion to new manufacturing facilities and upgrades in the U.S. and Europe, including a $5.3 billion investment in Indiana. These strategic investments are starting to pay off, enabling increased supply to meet the robust demand for weight-loss treatments.

(With inputs from agencies.)