Eli Lilly reported a rise in both net profit and revenue for the latest quarter, fueled by continued surging demand for its GLP-1 weight loss medications. The pharmaceutical company posted second-quarter net income of $7.1 billion, or $7.94 per share, compared to $5.66 billion, or $6.29 per share, in the same period last year. Excluding one-time items, earnings per share came in at $8.38. Analysts surveyed by FactSet had forecast adjusted earnings per share of $6.01. Revenue jumped 48% to $22.97 billion, with volume growth contributing 60% of the increase, though lower realized prices partially offset this by 13%. Wall Street had projected revenue of $20.69 billion.

Demand for the company's weight loss drugs Mounjaro and Zepbound continued to soar, with both drugs posting significant revenue gains compared to the prior year. Eli Lilly reported Mounjaro revenue of $9.94 billion, up 91% from last year, and Zepbound revenue of $4.93 billion, up 46% year-over-year. Eli Lilly now expects full-year adjusted earnings per share of $35.50 to $36.50, trimming the high end of its previous outlook by 50 cents. The company raised its revenue outlook to $85 billion to $87 billion, up from $82 billion to $85 billion. Analysts expect full-year earnings per share of $35.04 and revenue of $85.28 billion.

In pre-market trading, Eli Lilly shares rose 5.8% to $1,180.01. The earnings release coincided with an announcement from CVS Health on Wednesday, which stated it will revamp its weight management program through a partnership with Eli Lilly, allowing patients to view transparent pricing options for GLP-1 therapies via the CVS Health app.