An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021.
REUTERS/Mike Segar/File PhotoAug 8 (Reuters) - Eli Lilly (LLY.N) on Tuesday raised its annual forecasts after beating estimates for quarterly results, driven by strong demand for its new diabetes drug Mounjaro, ahead of a decision on its use as a weight-loss treatment.
The company is leaning on Mounjaro, approved last May in the U.S. for diabetes, to soften the hit from insulin price cuts and competition for cancer therapy Alimta.
A decision on Mounjaro to treat obesity, expected later this year, could help the drugmaker tap a multi-billion dollar market.
Lilly now expects annual revenue in range of $33.4 billion to $33.9 billion, compared with its prior range of $31.2 billion to $31.7 billion.
Persons:
Eli Lilly, Mike Segar, Mounjaro, Wells, Mohit Bansal, Lilly, Bhanvi Satija, Mariam Sunny, Sriraj
Organizations:
Company, REUTERS, Novo Nordisk, Thomson
Locations:
Branchburg , New Jersey, U.S, Bengaluru