Eli Lilly has announced that its net income on a reported basis rose to $2.24bn for the first quarter (Q1) of 2024, a 67% increase from $1.34bn in the same period of the previous year.

Earnings per share (EPS) also saw a substantial rise, reaching $2.48 compared to $1.49 in Q1 2023, up by 66%.

On a non-GAAP [generally accepted accounting principles] basis, the company’s net income and EPS were $2.34bn and $2.58 respectively. This represents a notable increase from the net income of $1.46bn and EPS of $1.62 reported in Q1 2023.

During the quarter, worldwide revenue stood at $8.77bn, a 26% increase from $6.9bn in the previous year, bolstered by a 16% rise in volume and a 10% uplift due to increased realised prices.

The volume surge was primarily attributed to the growth of products such as Mounjaro, Zepbound, Verzenio and Jardiance, although declines in Trulicity partially offset this.

Demand for Eli Lilly’s incretin medicines notably exceeded supply increases.

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In the US market, revenue climbed by 28% to $5.69bn while revenue grew by 22% to $3.07bn outside the US.

Eli Lilly has consequently raised its full-year revenue guidance for 2024 by $2bn and now forecasts a range between $42.4bn and $43.6bn.

This upward revision is primarily driven by the strong performance of Mounjaro and Zepbound, coupled with greater visibility into the company’s production expansion for the remainder of the year.

Reflecting these changes, it also increased its EPS guidance to between $13.05 and $13.55 on a reported basis and $13.50 to $14.00 on a non-GAAP basis.

Eli Lilly chair and CEO David Ricks stated: “Lilly’s first quarter performance reflects solid year-over-year revenue growth with strong sales of Mounjaro and Zepbound.

“Our progress in addressing some of the world’s most significant healthcare challenges has resulted in increased demand for our medicines. As we continue to make pipeline investments that position us for future growth, we are rapidly expanding manufacturing capacity to make our incretin medicines available to more patients.”

In March 2024, the US Food and Drug Administration announced that it would delay action to convene an advisory committee to understand better the safety and efficacy of Lilly’s donanemab in treating Alzheimer’s disease.