Eli Lilly raises annual revenue forecast as obesity, diabetes drug demand stay strong

Aug. 5 (Reuters) - Eli Lilly and Co raised its full-year revenue forecast on Wednesday, banking on sustained demand for its blockbuster GLP-1 weight-loss and diabetes drugs.

The company now expects revenue of $85 billion to $87 billion, compared with its previous forecast of $82 billion to $85 billion.

The move comes less than a day after rival Novo Nordisk also hiked its full-year profit and sales forecast, banking on its oral Wegovy pill to help claw back lost ground from Lilly in the lucrative obesity market.