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Eli Lilly Soars as Top Pharmaceutical Company with Record Sales

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Eli Lilly Soars as Top Pharmaceutical Company with Record Sales

Eli Lilly Becomes World‘s Largest Pharmaceutical Company

Eli Lilly has achieved the remarkable feat of becoming the largest pharmaceutical company in the world by stock market value due to its groundbreaking drugs fighting diabetes and obesity. The company’s 2023 financial year closed with record-breaking sales of $34,124.1 million, representing a 20% increase from 2022. The drugs Trulicity and Mounjaro were the primary revenue generators, particularly Mounjaro, which saw sales soar from $482 million in 2022 to $5,163 million in 2023. The company also added Zepbound, featuring the same active ingredient as Mounjaro, to the market at the end of the year with predictions that it will become the best-selling drug in history.

In the fourth quarter alone, the Indianapolis-based company saw a 28% increase in turnover, reaching $9,353 million. Mounjaro was the highest revenue-generating drug at $2,205.6 million, and demand has been so high that it is causing supply problems. Zepbound, approved by the FDA in November, has generated an initial $175.8 million in sales, which was a solid start for the company.

Lilly also revealed ambitious forecasts, expecting sales to reach between $40.4 billion and $41.6 billion in 2024, representing an 18% to 22% growth, significantly exceeding analysts’ average projection of $39.5 billion.

Shares of Eli Lilly are currently trading at all-time highs, having more than doubled in the last 12 months and increasing sixfold in the last five years. The company’s market capitalization stands at around $670 billion, compared to $150 billion for Pfizer. It also eclipses the value of Novo-Nordisk, which has a market value of over $400,000 million on the stock market.

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This surge in value is driven by a massive market for drugs targeting obesity and related conditions, with about 70% of American adults being overweight or obese. Both Lilly and Novo Nordisk are struggling to meet the demand, reflecting the scale of the challenge.

David A. Ricks, president and CEO of Lilly, expressed his optimism for the future, stating, “2023 was a breakthrough year for Lilly, delivering life-changing medicines to more patients than ever before, resulting in strong revenue growth.” He emphasized their focus on advancing new medicines and partnerships to expand their portfolio and solve challenging health problems.

Overall, Eli Lilly’s remarkable success in 2023 has solidified its position as a leader in the pharmaceutical industry, with an eye towards continued growth and innovation in the years to come.

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