(Reuters) – Eli Lilly and Co raised its full-year profit forecast on Thursday, betting on the approval of its diabetes drug, tirzepatide, for the treatment of obesity expected later this year.
The company said earlier on Thursday that it plans to complete its rolling submission to the U.S. Food and Drug Administration for use of tirzepatide in obesity patients in the coming weeks, following positive data from a second late-stage study.
The study showed that a high dose helped people with type 2 diabetes who were also obese or overweight to lose nearly 16% of their body weight.
Lilly now expects adjusted 2023 earnings of $8.65 to $8.85 per share, compared with its prior forecast of $8.35 to $8.55. Analysts were expecting annual profit of $8.45 per share, according to Refinitiv estimates.
Sales of the drug, sold under the brand name Mounjaro for diabetes, came in at $568.5 million, beating estimates of $422.5 million, according to an average of four analysts polled by Refinitiv.
Shares of the U.S. drugmaker rose 1.7% to $68.34 before the bell.
(Reporting by Bhanvi Satija in Bengaluru; Editing by Sriraj Kalluvila)
