Eli Lilly & Co. is becoming a leader in a new type of diabetes and weight loss treatment that Wall Street says could produce some of the biggest blockbusters of all time.
The Indianapolis, Indiana-based drugmaker said early Thursday that the diabetes drug Mounjaro brought in more than $500 million in revenue in the first quarter, exceeding sales in its first six months on the market.
The company also raised its revenue and earnings guidance for 2023 and said that it's finalizing its application for US regulatory approval to sell Mounjaro as a weight-loss treatment, an area Wall Street expects to see explosive growth from in coming years. Lilly shares rose as much as 5.9% after the start of regular trading in New York.
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