Eli Lilly stock slipped on Thursday after the drugmaker significantly slashed its full-year earnings guidance on the back of a deal spree.
What disappointed was the outlook. Lilly slashed its guidance for full-year earnings to a range of $6.50 to $6.70 a share, having raised its outlook in August to a range of $9.70 to $9.90. “Lilly had another strong quarter in Q3 as Mounjaro and Verzenio continued to gain momentum,” David A. Ricks, the group’s chairman and CEO, said in a statement. “Lilly executed on business development priorities in the third quarter including multiple acquisitions that expand our already robust pipeline.”
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