Eli Lilly and Co. (NYSE: LLY) raised its full-year outlook after reporting stronger-than-expected third-quarter results, driven by surging demand for its obesity and diabetes treatments. Shares climbed more than 4% in intra-day trading on Thursday.

The pharmaceutical giant now expects full-year revenue between $63 billion and $63.5 billion, up from its previous forecast of $60 billion to $62 billion. Analysts surveyed by Bloomberg had anticipated $61.69 billion. Adjusted annual earnings are now projected at $23.00 to $23.70 per share, up from the prior range of $21.75 to $23.00.

Third-quarter revenue rose 54% year-over-year to $17.6 billion, beating expectations of $16.07 billion. The results were fueled by rapid adoption of the company's weight-loss drug Zepbound, which has outpaced Novo Nordisk's Wegovy despite the latter's earlier market entry.

Sales of Lilly's diabetes therapy Mounjaro totaled $6.52 billion, also ahead of forecasts. Adjusted earnings per share climbed to $7.02 from $1.18 a year earlier, topping analyst projections of $5.69.