Eli Lilly reached a $1 trillion market capitalization on Friday, the first health-care company in the world to join the exclusive club dominated by tech firms. The Indianapolis-based company’s stock has been riding the skyrocketing popularity of its weight loss injection Zepbound and diabetes treatment Mounjaro.
The two drugs have driven eye-popping sales growth for Eli Lilly. Last month, the company said Mounjaro drew in $6.52 billion in revenue in the third quarter, a 109% increase from the previous year. Meanwhile, Zepbound posted $3.59 billion in sales during the period, a 184% spike from the prior-year period.
Demand for the treatments will only grow as approvals for their use and insurance coverage expand. In addition, Eli Lilly expects an oral version of its popular drugs to hit the market next year, which could give patients a more convenient option than a shot that is easier for the company to produce.