Drugmaker Eli Lilly raised its full year forecast after demand surged for its popular diabetes medicine.
The Indianapolis-based company reported Tuesday that its revenue rose 28% during the second quarter “as a result of volume-driven growth” from Mounjaro and other drugs, and the $579 million from the sale of rights for Baqsimi.
As a result, the company raised its full year revenue guidance to the range of $33.4 billion to $33.9 billion. That’s up from its prior guidance range of $31.2 billion to $31.7 billion.
Mounjaro – the brand name for trizepatide – alone drove $980 million in sales during the three-month period ending in August. That’s more than $200 million above what Wall Street expected.
DIABETES-RELATED WEIGHT LOSS DRUGS FACING SUPPLY ISSUES AMID VIRAL TREND
Almost all of that came from the U.S. too. However, the company warned that the significant demand was leading to delays in filling orders for some doses.
The Food and Drug Administration (FDA) approved the drug last year to improve blood sugar control, in addition to diet and exercise, in adults with type 2 diabetes.
PFIZER’S DIABETES PILL SHOWS SIMILAR WEIGHT LOSS RESULTS AS OZEMPIC
However, the drug could also be a game changer in treating obesity, which affects over 40% of the U.S. population, according to the Centers for Disease Control and Prevention (CDC).
During a drug trial, the injectable treatment helped people with type 2 diabetes who were overweight or obese to lose up to 16% of their body weight, or more than 34 pounds, over nearly 17 months, Lilly said in April.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
If approved by regulators, tirzepatide could become the most effective drug to date in an arsenal of medications like Wegovy, which is transforming the treatment of obesity.
Regulators are still deciding whether to make weight loss an approved use. However, doctors have already been prescribing it off-label for that.
The Associated Press contributed to this report.