Eli Lilly's first-quarter profits more than doubled as demand for weight-loss treatments surged. The Indianapolis-based drugmaker reported earnings per share jumped to $8.26, from $3.04 a year ago. Shares rose 7.5% in pre-market trading after the company raised its guidance fueled by soaring sales of its blockbuster diabetes and weight-loss medications.

Sales of Mounjaro, Lilly's diabetes medication also used for weight management, more than doubled to $8.7 billion. The weight-loss drug Zepbound saw an 80% increase to $4.2 billion. Lilly faces stiff competition from Denmark's Novo Nordisk, which launched an anti-obesity pill in January. Both companies are scrambling to gain market share in the lucrative weight-loss medication segment.

Lilly's new weight-loss pill Foundayo, launched this month, received 3,700 prescriptions in the week ending April 23. Novo Nordisk's rival drug had 18,000 prescriptions in its second week. After striking cost-lowering deals with the Trump administration, Zepbound prices fell while volumes increased. Investors maintain intense focus on weekly prescription data to gauge market performance.