Lilly Eli & Co Stock Price, News & Analysis

Eli Lilly reported Q1 2023 revenue of $6.96 billion, down 11% year-over-year, primarily due to a significant decline in COVID-19 antibody sales. Excluding these revenues, the company saw a 10% increase, driven by strong performances from its growth products like Mounjaro, Trulicity, Verzenio, and Jardiance. Q1 2023 EPS decreased 29% to $1.49 on a reported basis and 38% to $1.62 on a non-GAAP basis. The company raised its 2023 EPS guidance, now forecasting reported EPS between $8.18 to $8.38, reflecting positive core business growth and successful pipeline advancements, including FDA approvals. Eli Lilly's new products contributed $573.6 million to revenue, with growth products revenue rising 18% to $4.56 billion.

Eli Lilly (NYSE: LLY) announced remarkable results from its SURMOUNT-2 trial, demonstrating that tirzepatide led to weight reductions of up to 15.7% (34.4 lb or 15.6 kg) in participants with obesity or overweight and type 2 diabetes over 72 weeks. The study met all co-primary and key secondary objectives, indicating tirzepatide's superiority over placebo. Notably, 81.6% (10 mg) and 86.4% (15 mg) of participants achieved at least 5% weight reduction, significantly higher than the 30.5% in the placebo group. The safety profile was consistent with previous trials, with gastrointestinal issues being the most common adverse events. Lilly plans to complete the FDA submission for tirzepatide in the coming weeks, expecting regulatory action by late 2023.

Eli Lilly (NYSE: LLY) has announced a definitive agreement to sell its glucagon product BAQSIMI to Amphastar Pharmaceuticals (NASDAQ: AMPH) for $500 million at closing and an additional $125 million after one year. This divestiture aims to enhance the accessibility of BAQSIMI, the first nasal glucagon treatment for severe hypoglycemia in diabetes patients. BAQSIMI generated worldwide sales of $139.3 million in 2022, and the deal is expected to close in Q2 or Q3 2023. Both companies' boards have approved the agreement, which includes potential sales-based milestone payments of up to $450 million. Amphastar plans to invest in BAQSIMI to improve treatment access for those on insulin, aligning with its strategic focus on expanding its diabetes portfolio.