Investing.com -- Eli Lilly and Company (NYSE:LLY) has projected its full-year global revenue for 2024 to reach around $45 billion, marking a 32% increase from the prior year.
The company also provided its 2025 guidance, projecting sales between $58 billion and $61 billion. The midpoint of this range exceeds the consensus estimate of $58.48 billion.
For the fourth quarter of 2024, Lilly anticipates global revenue of approximately $13.5 billion, reflecting a 45% rise compared to the same period in 2023. This figure includes about $3.5 billion in revenue from Mounjaro and $1.9 billion from Zepbound, though both fell short of respective estimates of $4.4 billion and $2.2 billion.
Eli Lilly said that strong demand for these products, alongside robust performance across its oncology, immunology, and neuroscience portfolios, drove growth in the quarter.
Overall, non-incretin revenue saw a 20% year-over-year increase. Despite these gains, the company's 2024 revenue forecast fell $400 million, or roughly 3%, short of the guidance provided during its Q3 2024 earnings announcement on October 30.
"While the U.S. incretin market grew 45% compared to the same quarter last year, our previous guidance had anticipated even faster acceleration of growth for the quarter. That, in addition to lower-than-expected channel inventory at year-end, contributed to our Q4 results,” said Eli Lilly Chair and CEO David A. Ricks.
“We continued to make progress on our manufacturing build-out, and U.S. supply across all doses of tirzepatide was available throughout Q4. The rest of our medicines performed within our expectations."
Looking ahead, Lilly expects the sales momentum of Mounjaro and Zepbound to continue in 2025, alongside contributions from new medicines and an anticipated 60% increase in salable doses of incretins during the first half of the year.