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Lilly beats earnings estimates, issues upbeat forecast on soaring weight loss drug demand.

companies :: 19hrs ago :: source - reuters

By Reuters

An injection pen of Zepbound, Eli Lilly’s weight loss drug, is displayed in New York City, U.S., December 11, 2023. REUTERS

(Reuters) - Eli Lilly forecast 2026 profit above Wall Street estimates on ​Wednesday, betting on surging demand for ‌its obesity drugs as the world's most valuable ‌drugmaker prepares to launch its oral weight-loss pill later this year.

Shares of the company rose nearly 7% in premarket trading.

Lilly last ⁠year became the ‌first pharmaceutical company to hit a $1 trillion valuation, driven by the ‍popularity of its blockbuster weight-loss drug, Zepbound, and a rapidly expanding obesity market that is shifting ​toward cash-pay options and telehealth channels.

Lilly's ‌upbeat outlook stands in sharp contrast to that of rival Novo Nordisk, which has warned of "unprecedented" price pressures in 2026 after rattling investors with a forecast for a ⁠steep sales drop this ​year.

For the reported quarter, ​the drugmaker reported a profit of $7.54 per share. Analysts were expecting $6.67, according ‍to data ⁠compiled by LSEG.

Lilly expects to earn $33.50 to $35 per share on an adjusted basis ⁠this year, above analysts' average estimate of $33.23 per ‌share.

(Reporting by Mariam Sunny in Bengaluru; ‌Editing by Anil D'Silva)


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