Pharmaceutical giant Eli Lilly (LLY:NYSE) is due to report first-quarter earnings before the market opens on 30 April. Wall Street is expecting EPS (earnings per share) of $2.54 which represents a 57% increase compared with the first quarter of 2023.

All eyes will be on sales momentum in Lilly’s diabetes treatment Mounjaro and obesity treatment Zepbound following the latter’s launch in November 2023 after which it raked in $176 million in the final few weeks of the year.

The strong debut of Zepbound and continued success of the company’s diabetes treatment Mounjaro helped the company report a 28% increase in fourth-quarter sales to $9.35 billion, beating consensus estimates.

Mounjaro generated revenue of $2.21 billion compared with just $279 million in the same period of 2022. Capacity issues will be a key area of interest for investors after Lilly flagged intermittent delays in fulfilling orders of certain Mounjaro doses given significant demand, which is expected to impact volumes.

The company gave a positive outlook and forecast 2024 sales in the range of $40.1 billion to $41.6 billion with adjusted EPS between $12.2 and $12.7, slightly ahead of consensus estimates.

Chief financial officer Anat Ashkenazi said she expected revenue to accelerate in the second half as new production capacity of Zepbound and Mounjaro comes on stream. Overall, the company said demand was likely to outstrip supply again in 2024.

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