Shares of Eli Lilly and Co. continued their impressive run today, heading for a fifth-straight record close in premarket trading. The renowned drug maker reported fourth-quarter earnings that surpassed expectations, thanks to a significant increase in prices. Additionally, the company provided a positive outlook for its 2024 revenue.

Robust Financial Performance

Net income for Eli Lilly and Co. rose to $2.19 billion, or $2.42 per share, compared to $1.94 billion, or $2.14 per share, in the same period last year. Adjusted earnings per share (EPS) came in at $2.49, surpassing the consensus forecast of $2.30 by FactSet.

Moreover, the company's revenue soared to $9.35 billion, representing a growth of 28.1%, exceeding the FactSet consensus of $8.95 billion. This impressive growth can be attributed to a 16% increase in prices, an 11% rise in volume, and a 1% contribution from currency translation.

Product Performance

Sales of Eli Lilly and Co.'s obesity drug, Zepbound, amounted to an impressive total of $175.8 million during the quarter. However, no sales of Covid-19 antibodies were recorded.

Promising Outlook

Looking ahead to 2024, Eli Lilly and Co. foresees adjusted EPS ranging from $12.20 to $12.70, aligning closely with the current FactSet consensus of $12.39. Furthermore, the company expects to generate revenue between $40.4 billion and $41.6 billion, surpassing expectations of $39.3 billion.

Market Performance

Investors have shown strong confidence in Eli Lilly and Co., with the stock surging by 18.7% over the past three months. In comparison, the S&P 500 climbed by 13.2% during the same period.

Eli Lilly and Co.'s impressive financial performance, positive outlook, and strong market performance demonstrate its position as a leader in the pharmaceutical industry.

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