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Eli Lilly and Company produced one of the most impressive earnings reports of Q2 on Thursday morning.

The pharma giant recorded a 36% increase in revenue to $11.3 billion, thanks largely to the continued demand for GLP-1 drugs Mounjaro and Zepbound as well as Verzenio. When sale of the rights for Baqsimi were excluded, which totaled $579 million, Lilly’s quarterly revenue increased 44%.

Mounjaro brought in more than $3 billion in revenue, up from $979 million one year ago, while Zepbound generated $1.2 billion. Verzenio’s revenue also increased 44% to $1.3 billion and though Trulicity’s revenue fell 31%, it still notched $1.2 billion in revenue.

Lilly’s reported earnings per share (EPS) jumped 68% to $3.28, while its non-GAAP EPS skyrocketed 86% to $3.92. Both EPS numbers were inclusive of $0.14 of acquired IPR&D charges.

The drugmaker’s reported net income totaled $2.9 billion, while its non-GAAP net income reached $3.5 billion.

The U.S. continues to be a top driver for Lilly’s sales, with revenue increasing 42% to $7.84 billion. Domestic volume increased 27%, while realized prices increased 15%.

Outside the U.S., revenue increased 25% to $3.47 billion, with a 27% increase in volume, partially offset by a 3% decrease due to the unfavorable impact of foreign exchange rates. The volume increase internationally was largely attributable to the launch of Mounjaro KwikPen in various markets.

Due to the company’s exceptional performance in Q2, Lilly raised its full-year revenue guidance by $3 billion, its reported EPS guidance by $2.05 to the range of $15.10 to $15.60, as well as its non-GAAP EPS guidance by $2.60 to the range of $16.10 to $16.60.

“Mounjaro, Zepbound and Verzenio led our strong financial performance in the second quarter as we advanced our manufacturing expansion agenda, and it is equally exciting to see the growth around the world of our medicines for cancer, neurological disorders and autoimmune diseases,” Lilly CEO David A. Ricks said in a statement. “We also recently received approval of Kisunla to help people with Alzheimer’s disease, a moment that was decades in the making. Lilly’s performance and progress in Alzheimer’s, metabolic disorders and many other serious diseases highlight the tenacity, focus and capability of our scientists, clinicians, engineers, customer teams and collaborators.”

Lilly’s stock was up more than 8% during the mid-morning trading session.

Lee Brown, global sector lead for healthcare at global research firm Third Bridge, wrote in a commentary that Lilly delivered “extraordinary” results in Q2. Brown added that one of the most interesting developments in the company’s earnings report was the potential for label expansion for its GLP-1 medications.

“Our specialists are focused on the promise of expanding indications for tirzepatide,” Brown wrote. “We continue to believe incretin medications will garner approval for a broader range of indications.”

The earnings release caps off a strong week for Lilly, which saw all doses of GLP-1 drugs restored to availability in the U.S. following months of shortages. Lilly’s chief scientific officer Daniel Skovronsky added in a conference call detailing the earnings release that supply has been a predominant factor in weight-loss drug market share in the U.S.

Additionally, its rival Novo Nordisk produced a quarterly earnings report that disappointed analysts and led to a sell off of company shares. The Danish drugmaker cut its operating profit growth outlook to a range of 20% to 28% at CER, due in part to factors like the cost of ramping up output.

This came a month after Lilly’s Zepbound outperformed Novo’s Ozempic and Wegovy in a head-to-head weight loss study published in JAMA Internal Medicine. Just last week, Lilly announced that its GLP-1 drug tirzepatide cut the risk of heart failure by 38% in a Phase 3 trial.

Additionally, Lilly’s research and development expenses increased 15% to $2.71 billion during the quarter, accounting for 24% of revenue.

That represents Lilly’s ongoing interest in expanding its pipeline beyond diabetes and obesity, as opportunities in Alzheimer’s have emerged.

In early July, the Food and Drug Administration approved Lilly’s Alzheimer’s drug donanemab, which will be marketed under the brand name Kisunla for treating adults with early symptomatic Alzheimer’s disease. 

The regulatory greenlight came less than a month after an FDA advisory committee unanimously backed the drug for approval.

From a marketing perspective, Lilly has been one of the lead advertisers during the 2024 Summer Olympics in Paris and serves as a partner of both the U.S. Olympic and Paralympic Teams as well as the official Team USA partner in health equity.

On the personnel side, Lilly had some changes during the quarter as well as over the few weeks after Q2 closed.

In mid-May, Lilly announced that Alonzo Weems, EVP of enterprise risk management and chief ethics and compliance officer, as well as a member of the company’s executive committee, will retire at the end of the year. 

In June, Lilly announced that Melissa Seymour, who currently serves as the chief quality officer for Bristol Myers Squibb, is joining the company as EVP of global quality.

That same month, the company said EVP and CFO Anat Ashkenazi is leaving to serve as CFO and SVP of Google and Alphabet. Shortly after that announcement, Lilly named Gordon Brooks, group VP, controller and corporate strategy, to assume the role of interim CFO, effective July 15.