Eli Lilly (NYSE:LLY) stock is climbing higher on Thursday thanks to a boost from Mounjaro during its earnings report for the first quarter of 2023.
According to the company, diabetes drug Mounjaro strongly contributed to its revenue during the quarter. New product revenue for the period was $573.6 million, with Mounjaro contributing a large amount to that at $568.5 million.
With this news in mind, Eli Lilly reported revenue of $6.96 billion for the first quarter of the year. That’s above the $6.87 billion in revenue Wall Street was expecting. However, it is an 11% drop from the $7.81 billion reported in Q1 2022.
One negative from the latest report is adjusted EPS coming in at $1.62. That’s worse than the $1.73 expected by analysts. It’s also down 38% from the $2.62 reported in Q1 2022.
LLY Stock Jumps on Boosted Outlook
Eli Lilly also updated its outlook for the full year of 2023. This has it expecting adjusted EPS to range from $8.65 to $8.85. That’s looking good for LLY stock compared to Wall Street’s adjusted EPS estimate of $8.45.
To go along with that, Eli Lilly is expecting revenue for the year to range from $31.2 billion to $31.7 billion. Yet again, this would see it handily beating out analysts’ estimate of $30.64 billion.
LLY stock is up 3.2% as of Thursday morning and is up 6.2% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
