Eli Lilly and Company (LLY) delivered robust financial performance in Q2 2024, with revenue soaring to $11.3 billion, marking a remarkable 36% year-over-year increase. This growth is primarily attributed to the strong demand for new products such as Mounjaro and Zepbound, which collectively accounted for a significant portion of the revenue increase. During this quarter, Mounjaro's sales alone reached $3.1 billion, demonstrating the product's rapid adoption in the diabetes and obesity markets.
The company's gross profit margin improved to 82%, supported by favorable pricing dynamics and increased production efficiency. Operating income spiked to $4.3 billion, almost doubling from the previous year, while net income climbed to $2.97 billion, translating to an EPS of $3.92. With management raising the full-year revenue guidance by $3 billion, expectations remain high for continued momentum into the latter half of 2024, particularly with upcoming product launches and expansions in manufacturing capacity.