礼来：替尔泊肽强劲放量引领惊艳业绩，多条管线突破促生多点开花

Investment Rating - The report assigns a "Hold" rating for the company with a target price of $959.49, indicating a potential upside of 0.9$950.53 [2][3]. Core Insights - The company reported a significant revenue increase of 36% year-over-year, reaching $11.3 billion in Q2 2024, with a net profit of$2.967 billion, reflecting a 56% increase [1]. - The strong performance is primarily driven by the robust sales of Tirzepatide, which saw a 71% quarter-over-quarter increase, contributing significantly to the metabolic segment's revenue growth of 50% [1][2]. - The company is expanding its production capacity for Tirzepatide, with expectations to increase capacity by 1.5 times in the second half of 2024 compared to the second half of 2023 [1]. Summary by Sections Financial Performance - Q2 2024 revenue was $11.3 billion, with a gross profit of$9.13 billion and a gross margin of 80.8% [1]. - R&D expenses were $2.71 billion, representing 24$2.12 billion, accounting for 18.7% of revenue [1]. - The company achieved a net profit margin of 26.3% with earnings per share of $3.28 [1]. Product Pipeline and Growth Drivers - The metabolic segment's revenue growth was significantly supported by Tirzepatide, with sales reaching$3.09 billion, and Zepbound sales increased by 140% to $1.24 billion [1][2]. - The oncology segment also showed strong growth, with sales increasing by 29$903.4 billion and a strong pipeline of products [3]. - The anticipated production ramp-up and new product approvals are expected to sustain growth momentum in the coming quarters [1][2].