Eli Lilly's shares rose 7% after the drugmaker reported a 48% year-over-year jump in quarterly revenue that beat analyst estimates.

Mounjaro and Zepbound drove the result, which Citi analysts said is proof the diabetes and weight-loss markets are still growing. The drugmaker increased its full-year revenue guidance.

Foundayo, the company's recently launched once-daily GLP-1 pill, was a relative weak spot. Sales were $98 million, roughly 3% below consensus.

Analysts are closely watching how recently enacted Medicare coverage of Lilly's drugs impacts future sales. "Continued uptake will help determine whether improved access can offset pricing pressure and intensifying competition," Citi analyst Geoff Meacham said.