Eli Lilly Q3 Earnings Miss Estimates, Cuts Guidance, Stock Drops 10%

Oct 30, 2024, 11:01 AM

Eli Lilly reported third-quarter earnings that missed Wall Street estimates, leading to a significant drop in its stock price. The company posted an adjusted EPS of $1.18, falling short of the consensus estimate of $1.45, but up from $0.10 YoY. Revenue for the quarter was $11.44 billion, also below the expected $12.18 billion, but up 20% YoY. Despite strong demand for its weight-loss drug Mounjaro, which generated $3.11 billion in revenue, the company faced higher manufacturing and acquisition-related costs. Revenue from other key products like Zepbound and Trulicity also missed estimates, with Zepbound generating $1.26 billion and Trulicity $1.30 billion. Humalog revenue was $534.6 million, exceeding the estimate of $423.6 million. As a result, Eli Lilly has lowered its full-year EPS guidance to $13.02-$13.52 from the previous range of $16.10-$16.60 and narrowed its revenue outlook to $45.4 billion-$46 billion from $45.4 billion-$46.6 billion. The company's stock fell by 10% in pre-market trading following the announcement.