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What’s happening: Shares of Eli Lilly and Company rose sharply on Thursday, after the company released earnings results for the second quarter.
What happened: The healthcare company posted stronger-than-expected sales and earnings results for the latest quarter.
Eli Lilly increased its 2024 sales outlook by $3 billion, driven by higher manufacturing capacity for the company’s weight-loss drug Zepbound.
How were the results: The Indianapolis, Indiana-based company reported double-digit growth in sales for the latest quarter.
Why it matters: The company recorded a 27% increase in total volumes, driven by higher demand for Mounjaro, Zepbound, Verzenio, Taltz and Jardiance.
Sales of Mounjaro tripled to $3.09 billion, from $979.7 million in the year-earlier quarter, while Verzenio (a breast cancer drug) sales climbed 44% to $1.33 billion. Sales of the company’s diabetes drug Jardiance rose 15% to $769.6 million, while Zepbound sales jumped to 1.2 billion from $517.4 million in the year-ago quarter.
However, sales of Trulicity declined 31% to $1.25 billion during the quarter, amid stiff competition and supply issues.
For fiscal 2024, Eli Lilly guided to sales of $45.4 billion to $46.6 billion, up from its earlier forecast of $42.4 billion to $43.6 billion. The company also boosted its adjusted earnings forecast to $16.10-$16.60 per share, versus the previous range of $13.50-$14.00 per share.
How shares responded: Eli Lilly’s shares jumped 9.2% to settle at $845.31 on Thursday following the release of quarterly results. The stock has lost around 8% over the past month.
What to watch: Investors will watch upcoming launches from the company, which are expected to significantly impact its overall results ahead. In the US, the company is looking to launch Zepbound 2.5 mg and 5 mg single-dose vials in the upcoming weeks.
Context: The CAD/USD forex pair gained on Thursday amid a surge in crude oil prices.
Details: The Canadian dollar continued its rebound after hitting a near two-year low versus the US dollar on Monday.
Investors continued monitoring comments from the Bank of Canada about its monetary policy outlook. Markets widely expect the BoC to slash interest rates at each of its rate decision meetings for the rest of the year.
Strength in the price of crude oil, one of Canada’s major exports, provided a boost to the Loonie on Thursday. WTI crude oil for September delivery gained 96 cents to close at $76.19 per barrel.
An appreciation in the US dollar limited the overall gains for the CAD/USD pair. The US dollar index, which measures the greenback’s performance versus a basket of major peers, closed slightly higher on Thursday.
The CAD/USD pair added around 0.2% to 1.3735 on Thursday. The S&P/TSX Composite Index jumped 1.58% to close at 22,225.61.
What to watch: Investors await the release of jobs data from Canada today. The unemployment rate in Canada, which rose to 6.4% in June, is expected to rise further to 6.5% in July. Employment in Canada, which declined by 1,400 in June, is projected to increase by 22,500 jobs in July.
Analysts expect average hourly earnings to increase by 6% year-over-year in July, following a 5.6% gain in the prior month.
Other Markets: European indices closed mixed on Thursday, with the DAX 40 and STOXX Europe 600 Index up by 0.37% and 0.08%, respectively, while the FTSE 100 and CAC 40 fell by 0.27% and 0.26%, respectively.
Ukraine acknowledged for the first time that it had attacked Russia’s Kursk region, as the fighting continued at the border near the Sudzha town. The news sent the RUB/USD slightly lower in forex trading this morning.
Argentina’s industrial production contracted by 20.1% year-on-year in June, after May’s 14.8% decline. This being the 13th consecutive month of contraction exerted pressure on the ARS/USD forex pair.
The Bank of Mexico cut its benchmark interest rate to 10.75% at its August meeting, in a bid to boost its economy. The surprise rate cut sent the MXN/USD pair lower in forex trading this morning.
China’s annual inflation rate climbed to 0.5% in July, from 0.2% in the previous month. The figure came in higher than market estimates of 0.3% and was the highest since February, which exerted pressure on the CNY/USD forex pair.
Indonesia’s retail sales grew by 2.7% year-on-year in June, following a 2.1% rise in the previous month. This being the second straight month of growth in retail turnover sent the IDR/USD pair sharply higher in forex trading this morning.
France’s unemployment rate, Germany’s inflation rate, Turkey’s industrial production, total motor vehicles production and total vehicle sales, Italy’s inflation rate and balance of trade, China’s current account, India’s bank loan growth, deposit growth and foreign exchange reserves, Brazil’s inflation rate, Mexico’s industrial production, Russia’s GDP growth rate and consumer price index, US Baker Hughes crude oil rigs and Baker Hughes total rigs, as well as Indonesia’s motorbike sales.
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