Eli Lilly has revised its 2024 revenue expectations downwards to $45 billion, a decrease from the previously projected $45.4 to $46 billion. This adjustment reflects lower-than-expected demand for its weight loss and diabetes medications. Despite the cut, the company still anticipates a 32% revenue increase from the previous year. The company’s shares fell over 6% following the announcement. Eli Lilly has been investing heavily to boost production of its incretin drugs, Mounjaro and Zepbound, with the FDA declaring the shortage of tirzepatide, the active ingredient in both, resolved in December. CEO Dave Ricks stated that the company expects to produce at least 60% more sellable doses in the first half of the year compared to the same period in 2024. For the fourth quarter, Eli Lilly projects $13.5 billion in revenue, including $3.5 billion from Mounjaro and $1.9 billion from Zepbound. The company also forecasts sales of $58 to $61 billion for fiscal 2025.
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