Eli Lilly's Stock Soars on Strong Drug Sales Boosting Profit

Eli Lilly's stock surged to a record high after the drug maker's fourth-quarter profit beat expectations, driven by a 16% increase in overall prices, particularly in the U.S. The rise in prices was attributed to its diabetes treatment Mounjaro, offsetting lower prices for other diabetes treatments. The company reported a net income of $2.19 billion, with adjusted earnings per share of $2.49, surpassing expectations. Revenue jumped 28.1% to $9.35 billion, fueled by increased prices and volume. Eli Lilly expects adjusted EPS of $12.20 to $12.70 for 2024, with revenue projected to rise to between $40.4 billion and $41.6 billion.