LLY Stock Alert: Why Are Eli Lilly Shares Surging Today?
Eli Lilly (NYSE: LLY ) stock rose 13% overnight after it beat analyst estimates and raised guidance. The company’s GLP-1 drugs for diabetes and weight loss, Zepbound and Mounjaro, propelled the results. The company reported net income of $2.97 billion, $3.28 per share fully diluted, on revenue of $11.3 billion . Lilly also raised its full-year revenue guidance to $45.4 billion-$46.6 billion and earnings per share guidance to $15.10-$15.40 per share . The market responded as if Lilly was selling artificial intelligence (AI) chips. Shares jumped over 13% overnight. Before the market opened, they were trading at over $874, and the market capitalization rose to over $825 billion. The Diabetes Gold Rush Lilly could predict future success after the Food and Drug Administration (FDA) announced that the drugmaker has resolved its two-year-long shortages of diabetes drugs. By the end of the first quarter, the company had seven sites producing the drugs. Despite shortages, Mounjaro had sales of $3.1 billion in the second quarter and Zepbound over $1.2 billion.
https://investorplace.com/2024/08/lly-stock-alert-why-are-eli-lilly-shares-surging-today/