Shares of Eli Lilly & Co. (LLY) skyrocketed by a staggering 9.0% in premarket trading on Tuesday, hitting an all-time high. The surge came as the pharmaceutical giant reported second-quarter earnings and revenue that exceeded expectations, and significantly raised its full-year outlook. This phenomenal performance was bolstered by the $579 million received from the sale of rights for Baqsimi.
Net income for the quarter climbed to $1.76 billion, or $1.95 per share, a significant jump from $952.5 million, or $1.05 per share, during the same period last year. Adjusted earnings per share, excluding one-time items, stood at $2.11, surpassing the FactSet consensus of $1.98 per share. Revenue also saw substantial growth, surging 28.1% to reach $8.31 billion, well above the FactSet consensus of $7.58 billion.
The remarkable increase in revenue was driven by a 29% jump in volume, fueled by the growth of Mounjaro, Verzenio, Jardiance, and Taltz. However, this increase was partially offset by a decline in volume from Alimta due to the loss of exclusivity.
Buoyed by this stellar performance, Eli Lilly & Co. has raised its guidance ranges for adjusted earnings per share for 2023 to $9.70 to $9.90 from $8.65 to $8.85, reflecting strong confidence in its future prospects. Additionally, the company has revised its revenue outlook for 2023 to $33.4 billion to $33.9 billion from $31.2 billion to $31.7 billion.
These robust figures paint a highly optimistic picture for Eli Lilly & Co., with the stock poised to open well above its previous record close of $468.98 on June 30. Year to date, the company's shares have rallied by an impressive 24.1%, outpacing the S&P 500's 17.7% growth over the same period.
Eli Lilly & Co.'s exceptional performance in the second quarter, coupled with the raised outlook for the year, cements its position as a frontrunner in the pharmaceutical industry. With a solid foundation and a promising future, the company continues to build on its success and deliver value to its shareholders.
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