Eli Lilly (LLY.US) Q2 Earnings Soar Beyond Expectations, Shares Jump 10% Pre-Market on Strong Guidance Raise

Intelligent Finance APP learned on Tuesday before the U.S. stock market opened that Eli Lilly (LLY.US) announced its second-quarter results. Data showed that Eli Lilly's Q2 revenue increased by 28% year-over-year to $8.31 billion, surpassing the market expectation of $7.61 billion; net profit was $1.76 billion, an increase of 85% year-over-year; adjusted earnings per share were $2.11, a year-over-year increase of 69%, surpassing the market expectation of $2.00.

New products contributed $1 billion in revenue in the second quarter, primarily driven by the "weight-loss wonder drug" Mounjaro; revenue from growth products increased 16% to $4.93 billion, mainly propelled by Verzenio, Jardiance, and Taltz.

The non-GAAP effective tax rate for the second quarter was 16.1%, compared to 14.2% in the same period last year.

Looking ahead, Eli Lilly raised its 2023 earnings per share guidance by $1.02 to $9.20-$9.40; non-GAAP earnings per share guidance was increased by $1.05 to $9.70-$9.90, surpassing market expectations of $8.75.

As of press time, Eli Lilly (LLY.US) pre-market rose 9.99% to $499.42.