Eli Lilly Q3 2024: Tirzepatide Sales Reach $11 Billion in First Three Quarters

On October 30, Eli Lilly announced its Q3 2024 financial report, revealing a revenue of $31.5 billion for the first three quarters, a year-on-year increase of 27%. Q3 revenue was $11.44 billion, a year-on-year increase of 20%, but below market expectations of $12.18 billion. 

Mounjaro (tirzepatide for type 2 diabetes) and Zepbound (tirzepatide for weight loss) are the shining stars in Eli Lilly's product lineup, together contributing $11 billion in sales in the first three quarters, narrowing the gap with Novo Nordisk's semaglutide.

Among these, Mounjaro generated sales of $3.11 billion, achieving a doubling of revenue compared to the same period last year. Zepbound's sales were $1.26 billion, falling short of previous analyst expectations of $1.7 billion. 

Sales of both drugs were affected by reduced inventory in the wholesale distribution channel. The breast cancer drug Verzenio (abemaciclib, a CDK4/6 inhibitor) had Q3 sales of $1.37 billion, a year-on-year increase of 32%, with U.S. market revenue growing 28%, mainly driven by increased demand and price hikes, partially offset by the purchasing patterns of wholesalers. International market revenue grew by 38%, driven mainly by market demand.

Trulicity (dulaglutide) saw Q3 revenue of $1.3 billion, a year-on-year decline of 22%, with a 26% decrease in the U.S. market and a 12% decrease in international markets.

Regarding ongoing projects, two Phase II drugs (DC-806 for treating psoriasis and peresolimab for treating rheumatoid arthritis) and one Phase I drug (APOC3 siRNA for treating cardiovascular diseases) have been removed from the current pipeline. 

Eli Lilly's current growth expectations are primarily focused on weight loss drugs. Analysts predict that, with stable supply, the weight loss drug market may reach $150 billion by 2030. Eli Lilly continues to expand its production capacity; on September 12 of this year, the company announced the completion of an $800 million expansion of its Kinsale facility to increase the production of Mounjaro and Zepbound. Earlier this month, the FDA officially removed Eli Lilly's Mounjaro and Zepbound from its drug shortage database.

When the half-year report was released, Eli Lilly raised its annual revenue forecast by $3 billion to $45.4 billion to $46.6 billion. In the latest Q3 report, Eli Lilly has lowered its revenue forecast to a maximum of $46 billion.