Lilly rides Mounjaro, Zepbound to better-than-expected 1Q profit despite supply issues

Rapidly climbing sales of the new obesity drug Zepbound and its counterpart for diabetes, Mounjaro, pushed Eli Lilly to a better-than-expected first quarter profit. The drugmaker also hiked its forecast for 2024 well beyond analyst expectations after sales of Mounjaro more than tripled in the year’s first quarter. Lilly said it was still dealing with supply issues, as strong demand for the Zepbound and Mounjaro outpacing its production hikes. But the company expects its most significant increases to occur in the back half of the year. Shares of Lilly jumped early Tuesday after the company detailed results.