LLY Stock: Eli Lilly (NYSE: LLY) shares dropped by 10% following the company’s Q3 2024 earnings miss and a reduced profit outlook for the year. The pharmaceutical company reported adjusted earnings of $1.18 per share, falling short of analysts’ expectations of $1.47, while revenue reached $11.44 billion compared to the forecasted $12.11 billion.
Lilly has lowered its full-year adjusted EPS guidance to $13.02-$13.52, down from the previous $16.10-$16.60, with revenue expected between $45.4 billion and $46 billion.
Lilly’s incretin drugs, Zepbound and Mounjaro, continued to drive revenue growth, though supply issues impacted Q3 sales. New approvals, including Ebglyss for atopic dermatitis and Kisunla for early Alzheimer’s in Japan, highlighted the company’s expanding treatment portfolio.
CEO David Ricks noted that Q3 revenue grew 42% after excluding divestitures, with strong performance in oncology, immunology, and neuroscience. Despite the stock decline, Lilly’s robust clinical pipeline and strategic investments are expected to support long-term growth.
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