Lilly’s GLP-1 drug sales drive earnings beat, lifting shares 4% and prompting a price target increase to $1,300.
Eli Lilly reported second-quarter revenue of $22.97 billion, up 48% year-over-year and surpassing the $20.7 billion consensus. Adjusted earnings per share reached $8.38, topping estimates of $6.01, as demand for its GLP-1 drugs accelerated.
The company raised its full-year guidance, citing strong performance from Zepbound and Mounjaro. The GLP-1 market expanded 31% domestically and 74% internationally, reinforcing Lilly’s leadership over rivals like Novo Nordisk.
Shares rose nearly 4% in afternoon trading before paring some gains, reflecting investor confidence in the company’s growth trajectory. Analysts raised the price target to $1,300 from $1,200 but maintained a hold rating.