(fxcue news) - Drugmaker Eli Lilly and Co. (LLY) reported Thursday a net profit for the second quarter that surged 68 percent from last year, reflecting strong Mounjaro, Zepbound and Verzenio sales as well as higher realized prices. Both adjusted earnings per share and revenues topped analysts' expectations. The company also raised its guidance for the full-year 2024. In pre-market activity on the NYSE, LLY shares are trading at $863.26, up $91.12 or 11.80 percent. "Mounjaro, Zepbound and Verzenio led our strong financial performance in the second quarter as we advanced our manufacturing expansion agenda, and it is equally exciting to see the growth around the world of our medicines for cancer, neurological disorders and autoimmune diseases," said David Ricks, Chair and CEO. For the second quarter, Eli Lilly reported net income of $2.97 billion or $3.28 per share, sharply higher than $1.76 billion or $1.95 per share in the year-ago quarter. Excluding items, adjusted earnings for the quarter were $3.92 per share, compared to $2.11 per share in the prior-year quarter. On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $2.60 per share for the quarter. Analysts' estimates typically exclude special items. World-wide revenue for the quarter grew 36 percent to $11.30 billion from $8.31 billion in the same quarter last year. Analysts' expected revenues of $9.92 billion for the quarter. The revenue growth was based on volume-driven growth from Mounjaro, Verzenio, Zepbound, Jardiance, Taltz and Humalog, partially offset by decline in Trulicity. The increase in revenue reflects volume growth of 27 percent and 10 percent higher realized prices, partially offset by 1 percent unfavorable impact of foreign exchange rates. The volume increase was primarily driven by growth from Mounjaro, Zepbound, Verzenio, Taltz and Jardiance, partially offset by the sale of rights for Baqsimi and declines in Trulicity. New products contributed $4.46 billion to revenue, led by Mounjaro and Zepbound. Growth Products revenue increased 3 percent to $5.05 billion, led by Verzenio, Taltz and Jardiance, largely offset by lower Trulicity sales. Worldwide Trulicity revenue declined 31 percent to $1.25 billion from last year, while Verzenio revenue surged 44 percent to $1.33 billion from last year, Zepbound revenue were $1.24 billion and Mounjaro revenue was $3.09 billion. Jardiance revenues grew 15 percent to $769.6 million, Taltz revenue increased 17 percent to $824.7 million and Humalog revenues were up 43 percent to $631.6 million from last year. Revenue in the U.S. increased 42 percent to $7.84 billion, and revenue outside the U.S. also increased 25 percent to $3.47 billion from last year. Gross margin as a percent of revenue improved 250 basis points to 80.8 percent, primarily driven by favorable product mix and higher realized prices, partially offset by higher production costs. Looking ahead to fiscal 2024, Eli Lilly now projects earnings in a range of $15.10 to $15.60 per share and adjusted earnings in a range of $16.10 to $16.60 per share on revenues between $45.4 billion and $46.6 billion. Previously, the company expected earnings in the range of $13.05 to $13.55 per share and adjusted earnings in the range of $13.50 to $14.00 per share on revenues between $42.4 billion and $43.6 billion. The Street is currently looking for earnings of $13.76 per share on revenues of $43.01 billion for the year. The company said the growth in revenue compared to 2023 is expected to be largely driven by strong performance of Mounjaro and Zepbound, as well as the company's non-incretin medicines. For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com