Weight loss, diabetes drugs propel Eli Lilly to better-than-expected forecast for 2024

The popular diabetes treatment Mounjaro pushed Eli Lilly past fourth-quarter forecasts, and the drugmaker expects 2024 to turn out largely better than expected too, as new products build momentum.

Lilly debuted on Tuesday a forecast for the new year that calls for adjusted earnings ranging from $12.20 to $12.70 per share as its new weight-loss drug Zepbound becomes established following its launch late last year.

Analysts expect earnings of $12.39 per share, according to the data firm FactSet.

Zepound, a new version of Mounjaro, registered about $176 million in sales during the final weeks of the fourth quarter after it became the latest drug approved for a hot area of medicine, chronic weight management.