Eli Lilly‘s first-quarter earnings missed expectations Thursday, however the pharmaceutical company raised its full-year guidance.
Before the earnings release, the corporate also reported positive data on its weight reduction drug tirzepatide.
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Eli Lilly’s stock closed nearly 4% higher at $390.35 a share.
The corporate’s revenue fell 11% compared with the identical quarter last yr, on account of a $1.5 billion decline in sales from its Covid-19 antibodies. Lilly reported $6.96 billion in revenue for the quarter, which barely topped analysts’ expectations, but sales declined from $7.81 billion within the prior-year quarter.
The corporate posted adjusted earnings of $1.62 per share, which missed analyst expectations of $1.73 a share for the quarter.
Here’s how the corporate performed compared with analysts’ estimates compiled by Refinitiv:
- Adjusted earnings: $1.62 per share, vs $1.73 per share expected
- Revenue: $6.96 billion, vs. $6.86 billion expected
The corporate booked net income of $1.3 billion, or $1.49 per share, for the quarter, a decrease of 29% compared with the primary quarter of 2022.
Eli Lilly raised its guidance for the yr due largely to the U.S. dollar weakening against major currencies. It said it expects revenue of between $31.2 billion and $31.7 billion, compared with its previous projections of $30.3 billion to $30.8 billion.
The corporate increased its adjusted earnings guidance to $8.65 to $8.85 per share for the yr, up from $8.35 to $8.55.
Lilly also released data on its weight reduction drug tirzepatide Thursday morning before earnings. Patients who were obese and had Type 2 diabetes lost between 30 kilos and 34 kilos on average depending on the dose they took, in comparison with 7 kilos within the placebo group.
Lilly plans to finish its application for Food and Drug Administration approval in the approaching weeks.
The FDA approved tirzepatide under the brand name Mounjaro in May 2022 to treat adults with Type 2 diabetes. Lilly’s Mounjaro sales were about $567 million in the primary quarter.
Revenue for several of Lilly’s key products rose yr over yr. Sales for Trulicity, Lilly’s weekly injection for Type 2 diabetes, got here in at $1.98 billion for the quarter, a 14% increase compared with $1.74 billion for a similar period last yr.
Revenue for Verzenio, Lilly’s pill for breast cancer, rose 60% to $751 million, compared with $469 million in the primary quarter of 2022.
And sales for Jardiance, a tablet that lowers blood sugar in Type 2 diabetes patients, rose 38% to $578 million compared with $419 million in the identical period last yr.
Correction: Lilly’s Mounjaro sales were about $567 million in the primary quarter. An earlier version misstated the figure.
