: Eli Lilly stock shoots up into record territory after earnings beat, a big increase in the full-year outlook

Shares of Eli Lilly & Co. LLY shot up 9.0% into record territory in premarket trading Tuesday, after the drug giant reported second-quarter profit and revenue that climbed above expectations and provided a big boost its full-year outlook, as results were helped by the $579 million received from the sale of rights for Baqsimi. Net income jumped to $1.76 billion, or $1.95 a share, from $952.5 million, or $1.05 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.11 beat the FactSet consensus of $1.98. Revenue grew 28.1% to $8.31 billion, well above the FactSet consensus of $7.58 billion. Volume increased 29%, driven by growth in Mounjaro, Verzenio, Jardiance and Taltz, partially offset by lower volume from Alimta due to the loss of exclusivity. For 2023, the company raised its guidance ranges for adjusted EPS to $9.70 to $9.90 from $8.65 to $8.85 and for revenue to $33.4 billion to $33.9 billion from $31.2 billion to $31.7 billion. The stock, which was on track to open well above its June 30 record close of $468.98, has rallied 24.1% year to date through Monday while the S&P 500 SPX has advanced 17.7%.

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