Eli Lilly's Diabetes Drug Mounjaro Drives Strong Results, Boosts Forecasts

Eli Lilly has raised its annual forecasts after surpassing expectations for its quarterly results, driven by strong demand for its diabetes drug Mounjaro. The company's shares rose nearly 15% in early trading following the positive results and the promising data from rival Novo Nordisk's obesity treatment Wegovy. Mounjaro, which targets the GLP-1 hormone, has shown potential as a weight-loss treatment for people with type 2 diabetes who are overweight or obese. A decision on Mounjaro's use as a weight-loss treatment is expected later this year. Eli Lilly is also banking on the success of its Alzheimer's drug candidate, donanemab, and has raised its adjusted 2023 earnings and annual revenue forecasts.