Eli Lilly Stock Jumps 14% After Strong Earnings Report
Lilly's GLP-1 Drugs Drive Sales Growth
Key Points
- Eli Lilly and Company's (LLY) stock surged 14% after the company released a strong earnings report.
- The growth was driven by sales of the company's GLP-1 drugs, which are used to treat type 2 diabetes.
- Lilly's GLP-1 drugs, Trulicity and Mounjaro, saw significant sales growth in the quarter.
Eli Lilly and Company (LLY) reported strong earnings on Tuesday, driven by sales of its GLP-1 drugs. The company's stock jumped 14% in premarket trading.
Lilly's GLP-1 drugs, Trulicity and Mounjaro, saw significant sales growth in the quarter. Trulicity sales increased by 26% to $1.5 billion, while Mounjaro sales soared by 187% to $613 million.
The strong sales growth was driven by increased demand for Lilly's GLP-1 drugs, which are used to treat type 2 diabetes. These drugs help to lower blood sugar levels and reduce the risk of heart disease and stroke.
Lilly's earnings report was overall positive, with the company also reporting strong sales growth in its other businesses. The company's oncology business saw sales growth of 10% to $2.4 billion, while its animal health business saw sales growth of 9% to $1.1 billion.
Lilly's stock has been on a tear in recent months, as investors have been bullish on the company's prospects. The stock has gained over 50% in the past year.
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