Eli Lilly Shares Plunge 10% as Mounjaro Sales Miss, Q3 Earnings Fall Short

Oct 30, 2024, 11:15 AM

Eli Lilly reported third-quarter earnings that missed Wall Street expectations, despite a 20% year-over-year increase in revenue. The company posted adjusted earnings per share of $1.18, up from $0.10 a year ago, but below the consensus estimate of around $1.45 to $1.53. Revenue came in at $11.44 billion, missing estimates of $12.09 to $12.18 billion. Sales of its weight-loss drugs Mounjaro and Zepbound fell short, with Mounjaro generating $3.11 billion versus the expected $3.62 billion, and Zepbound reporting $1.26 billion compared to the estimated $1.63 billion. Eli Lilly lowered its full-year 2024 earnings per share guidance to $13.02 to $13.52 from $16.10 to $16.60 and narrowed its revenue outlook to $45.4 billion to $46.0 billion from $45.4 billion to $46.6 billion. Shares of Eli Lilly dropped about 10% in pre-market trading following the announcement.