Pharma giant Eli Lilly's (LLY) stock is soaring after reporting a second-quarter earnings beat, boasting revenue of $8.31 billion and earnings of $2.11 per share. Raising its full-year guidance, the pharmaceutical company attributes its success to sales of its diabetes and weight-loss drug, Mounjaro, and breast cancer pill, Verzenio.
Verzenio is "a drug that's not only producing a blockbuster type of revenue, but growing at north of 50% in the quarter," Lee Brown, ThirdBridge Global Sector Lead for Healthcare, told Yahoo Finance Live. Brown also discusses the adoption of diabetes drugs doubling as a weight-loss drugs, highlighting certain health benefits, and stating "the cultural reaction has been one that's been embraced."
