Eli Lilly's shares surged over +9% August 8th after reporting Q2 earnings that far exceeded expectations, driven by strong sales of its diabetes drug Mounjaro and weight loss injection Zepbound. 

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The company raised its full-year revenue guidance by $3 billion, expecting $45.4 to $46.6 billion in revenue.

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Eli Lilly also increased its adjusted earnings forecast to $16.10 to $16.60 per share. The stock is trading at a P/E of 110 in anticipation of massive earnings growth.

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Shares of Eli Lilly are up more than 30% this year after jumping almost 60% in 2023 due to the soaring demand for the company’s weight loss and diabetes drugs – and increased investor interest in their potential as treatments for other health conditions. 

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That popularity comes despite their hefty monthly price tags, inconsistent insurance coverage and intermittent supply shortages. 

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With a market cap of more than $730 billion, Eli Lilly is the largest pharmaceutical company based in the U.S.

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