Eli Lilly (NYSE: LLY) shares gained nearly 10% in pre-market Tuesday after the pharma giant reported much better-than-expected Q2 results, paving the way for the full-year forecast to be lifted.

Lilly reported EPS of $2.11 on revenue of $8.31 billion, crushing the consensus for earnings of $1.98 per share on revenue of $7.58B.

Mounjaro, the company’s flagship antidiabetic medication used for the treatment of type 2 diabetes, generated $979.7 million in Q2 sales, easily ahead of the expected $740.8M.

"Lilly's financial results in Q2 were led by Mounjaro sales and a strong performance from Growth Products," said David A. Ricks, Lilly's chair and CEO.

The company raised its full-year earnings forecast to $9.80, crushing the consensus for $8.71 in FY EPS. Revenue is now seen at $33.65B, again easily ahead of the expected $31.44B estimate.

By Senad Karaahmetovic

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