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Weight-loss concept stocks rose, with Lilly (LLY.US) up more than 6.8%.

AInvestFriday, Aug 9, 2024 11:20 am ET
1min read

On Friday, shares of weight loss drug companies rose. As of the time of writing, Eli Lilly and Co. (LLY.US) rose over 6.8%, trading at $903; Novo Nordisk (NVO.US) rose nearly 4.6%, trading at $134.04.

Eli Lilly reported Q3 earnings of $2.97 billion, up 68% YoY; revenue of $11.3 billion, up 36% YoY, above the consensus of $9.92 billion; adjusted EPS of $3.92, above the consensus of $2.60. The weight loss drug Zepbound contributed $1.24 billion in revenue in the second full quarter since it got FDA approval in November last year, above the consensus of $920 million. The company raised its full-year revenue guidance for the second time this year due to the strength of the weight loss drug: the revenue guidance range was raised by $3 billion to $46-46.6 billion; the adjusted EPS guidance for the full year was raised to $16.10-16.60, from the previous guidance of $13.50-14.

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