Lilly Cuts FY24 Earnings, Revenue Outlook After Q3 Misses Street; Stock Down In Pre-market - Update

Eli Lilly

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(RTTNews) - Drugmaker Eli Lilly and Co. (LLY), while reporting third-quarter adjusted earnings and revenues below market estimates, on Wednesday lowered its forecast for fiscal 2024 earnings and revenues.

On a reported basis,the company turned around to profit in its third quarter on strong revenue growth.

In pre-market activity on the NYSE, Lilly shares were losing around 7.3 percent to trade at $837.90.

For the full year 2024, the company now expects earnings in the range of $12.05 to $12.55, lower than previously expected $15.10 to $15.60.

Adjusted earnings guidance has been downgraded to the range of $13.02 to $13.52 from earlier estimate of $16.10 to $16.60.

For the year, revenue is now expected to be $45.4 billion to $46.0 billion, compared to previous estimate of $45.4 billion to $46.6 billion.

Analysts on average expect the company to report earnings of $13.50 per share on revenues of $46.25 billion, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

In its third quarter, Lilly's net income was $970.3 million, compared to last year's loss of $57.4 million. Earnings per share were $1.07, compared to $0.06 loss per share in the same period last year.

Adjusted earnings were $1.064 billion or $1.18 per share for the period, compared to $94.8 million or $0.10 per share a year ago.

The Street was looking for earnings of $1.47 per share for the quarter.

Revenue climbed 20 percent to $11.439 billion from $9.498 billion in the same period last year, while analysts were looking for $12.11 billion.

The revenue growth was driven by a 15 percent increase in volume and a 6 percent increase due to higher realized prices, partially offset by a 1 percent decrease from the unfavorable impact of foreign exchange rates.

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