Eli Lilly’s third quarter earnings miss and forecast cut lead to sharp stock drop

INDIANAPOLIS — Eli Lilly is dialing back its 2024 forecast after underwhelming Wall Street with third-quarter earnings and sales from two key drugs that missed expectations.

Sales of Lilly's diabetes treatment Mounjaro and weight loss counterpart Zepbound were hurt in the quarter as U.S. pharmaceutical wholesalers whittled inventory they had built up in previous quarters. TD Cowen analyst Steve Scala said in a note that sales of both drugs missed expectations, and he wanted to learn more about whether the drop was a “temporary flattening or new trend.”

Lilly also booked higher research and development and marketing, selling and administrative expenses in the quarter.Revenue climbed 20% to $11.44 billion.For the full year, Lilly now forecasts adjusted earnings to range between $13.02 and $13.52 per share. The company had predicted more than $16 per share in August, which was more than $2 higher than consensus at the time.Lilly’s new forecast range falls mostly below what the company predicted in April.

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Eli Lilly shares tumble as company’s weight-loss drug misses Wall Street sales expectationsEli Lilly shares fell nearly 12%, wiping out more than US$100-billion from the Indianapolis-based drugmaker’s market value
Источник: globeandmail - 🏆 5. / 92 Прочитайте больше »