Demand for a new class of diabetes and obesity drugs will boost US drugmaker Eli Lilly’s sales by 20 per cent in 2024, pushing its revenues above $40bn, the company said on Tuesday.
The company’s shares rose 5.8 per cent in pre-market trading after it published its fourth quarter earnings.
Lilly, the world’s biggest drugmaker by valuation, said fourth-quarter revenues from its new products category grew by $2.19bn to $2.49bn, driven by sales of diabetes drug Mounjaro and anti-obesity medication Zepbound.
Zepbound, Lilly’s offering in the much-hyped weight-loss drug category, generated $175.8mn in worldwide sales in the fourth quarter. Group fourth-quarter revenues totalled $9.35bn, ahead of analysts’ expectations.
Lilly’s 2024 revenues are projected to total between $40.4bn and $41.6bn compared with $34.1bn in 2023.
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