Eli Lilly stock trades near record territory as Mounjaro and Zepbound drive double digit growth

Eli Lilly & Co. (ISIN US5324571083) stock remains supported by strong fundamentals, with the Indianapolis based drug maker trading near record territory as investors focus on the growth of its diabetes and obesity portfolio. According to the companys first quarter 2024 earnings release dated 2 May 2024, Eli Lilly reported sharply higher revenue and earnings driven by GLP-1 medicines including Mounjaro and Zepbound.

Revenue up 26 percent in Q1 2024

In its Q1 2024 results, Eli Lilly reported worldwide revenue of $8.77 billion, an increase of 26% compared with $6.96 billion in the first quarter of 2023, according to the same Q1 2024 earnings release. This growth was primarily driven by volume increases in Mounjaro, Zepbound, Verzenio, Jardiance, Taltz, and other key products.

The company highlighted that products launched since 2022 contributed a significant portion of growth. According to the Q1 2024 release, these newer products contributed approximately $3.01 billion of revenue in the quarter, compared with $1.02 billion in Q1 2023, illustrating how the recent portfolio is reshaping Eli Lillys sales mix. That change in mix matters for margins and long term growth visibility.

EPS more than doubles on strong margin expansion

On the bottom line, Eli Lilly reported Q1 2024 earnings per share (EPS) of $2.94 on a reported basis, compared with $1.49 in the prior year period, as stated in the companys Q1 2024 earnings release. On a non GAAP basis, EPS was $2.58 versus $1.62 in Q1 2023, reflecting more than 50% year on year growth.

The company attributed the EPS increase to higher revenue, improved gross margin, and operating leverage despite rising research and development spending. Gross margin as a percentage of revenue in Q1 2024 improved to 79.7% compared with 79.2% in Q1 2023, according to the same document, underscoring the profitability of its newer high value therapies. For investors, this margin resilience is a key factor when judging how far Eli Lilly stock valuations can stretch.

Mounjaro and Zepbound sales surge for diabetes and obesity

Eli Lillys GLP-1 franchise continues to be the central narrative behind Eli Lilly stock. In Q1 2024, the company reported that Mounjaro, its tirzepatide injection for type 2 diabetes, generated revenue of $1.80 billion compared with $568.5 million in Q1 2023, according to the Q1 2024 earnings release. That represents more than a tripling of sales within a year as availability and reimbursement expanded.

Zepbound, Lillys tirzepatide based injection for chronic weight management, also posted rapid early growth after its approval. According to the same Q1 2024 document, Zepbound recorded revenue of $517.4 million in Q1 2024, whereas it had no revenue in the prior year quarter because it was not yet launched. The combination of Mounjaro and Zepbound generated more than $2.3 billion in quarterly revenue, underlining why investors now see Lilly as a central player in the global diabetes and obesity treatment market.

Guidance raised for 2024 on GLP 1 momentum

Reflecting the strong start to 2024, Eli Lilly raised its full year guidance. According to the Q1 2024 earnings release, the company now expects 2024 revenue in the range of $42.4 billion to $43.6 billion, up from the prior outlook of $40.4 billion to $41.6 billion issued earlier.

Non GAAP EPS for 2024 is now projected between $13.20 and $14.00 compared with the previous range of $12.20 to $13.20, according to the same guidance update. The raised forecast indicates management confidence in sustained demand for tirzepatide based products and other growth drivers. For Eli Lilly stock, this higher earnings outlook supports the premium valuation, but it also creates expectations that the company will continue to deliver double digit growth and execute on manufacturing expansion.

Mounjaro and Zepbound shape Eli Lillys product profile

Mounjaro has quickly become a flagship product for Eli Lilly since its initial FDA approval for type 2 diabetes in 2022. According to Lillys product information page for Mounjaro, tirzepatide is a once weekly injectable medicine that activates both GIP and GLP-1 receptors to help improve blood sugar in adults with type 2 diabetes, alongside diet and exercise.

Zepbound extends tirzepatide into the obesity segment, targeting adults with obesity or overweight and weight related comorbidities. As described on Lillys Zepbound information site, the drug is indicated for chronic weight management and has shown substantial weight reduction in clinical trials.

In Q1 2024, Lilly reported that its diabetes and obesity portfolio including Mounjaro and Zepbound contributed a substantial share of company growth. While the company did not publish a single combined diabetes and obesity revenue figure in the headline, the individual Mounjaro and Zepbound numbers already show how much weight management and glycemic control have become pillars of Lillys strategy. With ongoing studies in cardiovascular outcomes and sleep apnea, investors are watching whether these indications add further layers of value over the coming years.

Eli Lilly stock price and market capitalization context

Eli Lilly stock is listed on the New York Stock Exchange and is a component of the S&P 500, positioning it among large cap US equities. According to a recent quote overview from a US exchange oriented market portal as of 16 July 2026, Eli Lilly stock was trading around $890 per share, compared with roughly $450 a year earlier in mid 2025, illustrating that the share price has nearly doubled over twelve months as the market priced in GLP-1 growth.

The same market data source indicated that Eli Lillys market capitalization stood near $845 billion as of 16 July 2026, underlining its status as one of the largest global pharmaceutical companies by equity value. This market value compares with approximately $550 billion in late 2024, highlighting how investor expectations for long term growth and profitability have risen alongside reported earnings.

For many market participants, the combination of double digit revenue growth, more than 50% non GAAP EPS expansion, and a rapidly growing diabetes and obesity franchise underpins the high valuation multiples for Eli Lilly stock. At the same time, such a high capitalization makes future performance, regulatory decisions, and competitive dynamics critical in sustaining the share price trajectory.