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.

Stocks in Asia-Pacific Show Mixed Performance

O-I Glass Reports Loss in Q4

Leave A Reply

Your email address will not be published. Required fields are marked *

Related posts

Datalex and Aer Lingus Extend Partnership for Digital Retailing Strategy
News

Datalex and Aer Lingus Extend Partnership for Digital Retailing Strategy

Datalex and Aer Lingus extend their partnership for a further five years, focusing on accelerating the airline's digital...

RedHill Biopharma Reports Positive Results in Ebola Virus Study
News

RedHill Biopharma Reports Positive Results in Ebola Virus Study

RedHill Biopharma announces positive results in an Ebola virus study, showing the synergistic effect of opaganib and RHB...

Telefonica Announces Workforce Restructuring Plan in Spain
News

Telefonica Announces Workforce Restructuring Plan in Spain

Telefonica, the Spanish telecommunications company, plans to restructure its workforce in Spain, impacting over 5,000 jo...

Siemens Shares Rise on Strong Q4 Results
News

Siemens Shares Rise on Strong Q4 Results

Siemens' Q4 revenue and orders surpass estimates, with strong free cash flow. Positive outlook despite global demand slu...