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Eli Lilly stock is poised to set a new record high Tuesday, after the company reported a surge in sales for its buzzy diabetes drug Mounjaro.

Sales of Mounjaro, which has also gained popularity for weight loss, came in at $979.7 million for the second quarter, up from $16 million a year earlier when it was introduced. That helped the drug company post higher-than-expected sales for the second quarter.

Eli Lilly’s stock surged 16% to $526.82 shortly after markets opened, putting the company on track to close with a market value above $500 billion for the first time.

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