Eli Lilly Surpasses Q4 Estimates Despite GLP-1 Sales Miss
Eli Lilly (LLY) released robust fourth quarter and full-year 2024 earnings on Thursday, exceeding Wall Street expectations. However, the company slightly missed consensus estimates for GLP-1 sales.
Q4 Results
* Revenue surged 45% to $13.5 billion, driven by strong sales of GLP-1 drugs Mounjaro ($11.5 billion) and Zepbound ($4.9 billion).
* Mounjaro sales increased 124% year-over-year, though falling short of analyst forecasts.
* Despite the sales miss, Mounjaro numbers aligned with revised guidance.
Full-Year Results
* Revenue climbed 32% to $45 billion for the full year.
* Lilly remains a leader in the GLP-1 space, slowly gaining market share from Novo Nordisk (NVO).
* The company has been exploring clinical trials for its GLP-1 drugs in various other diseases, expanding the potential patient population.
Outlook
* Lilly raised its 2025 guidance to $58-$61 billion, exceeding analyst expectations.
* The company remains well-positioned in the growing incretin market, with strong pipeline opportunities including orforglipron.
* Despite the GLP-1 sales miss, JPMorgan analyst Chris Schott maintains a positive outlook on Lilly, emphasizing the company's strong position and future pipeline prospects.
Analyst Commentary
* Mizuho analyst Jared Holz views Lilly as a "preeminent growth story in large-cap pharma."
* JPMorgan analyst Anjalee Khemlani highlights the key themes investors will focus on, including prescription dynamics for Mounjaro/Zepbound and updates on orforglipron.