What happened: Eli Lilly (LLY) stock jumped as much as 7% on Wednesday.
What’s behind the move: The drug company raised its 2026 sales forecast after it saw strong demand for GLP-1 drugs in its fiscal second quarter
Revenue is now expected to fall between $85 billion and $87 billion for the year, topping an earlier forecast of up to $85 billion, according to Bloomberg data. Adjusted earnings for the second quarter also beat Wall Street estimates. What else you need to know: Eli Lilly’s GLP-1 business has been the growth engine of the drug company, benefiting from several tailwinds since the start of the year, including the FDA’s approval of Foundayo, the pill version of its weight-loss drug, earlier this year.
The company is also developing next-generation weight-loss medicine retatrutide. It has clinical data in hand and plans to file for FDA approval in the first quarter of next year. Shares of the drugmaker have rebounded from a first quarter slump, with the stock climbing more than 40% since the end of April and gaining 3% year to date, according to Yahoo Finance AlphaSpace data.