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Eli Lilly Shares Drop 10% as Mounjaro Sales Miss, Q3 EPS of $1.18 Below Estimates

Oct 30, 2024, 10:49 AM

Eli Lilly and Company reported third-quarter earnings that missed Wall Street estimates, causing its shares to drop approximately 10% in pre-market trading. The pharmaceutical giant announced adjusted earnings per share (EPS) of $1.18, below consensus estimates of $1.47 to $1.53, despite a 20% increase in revenue to $11.44 billion, which also fell short of expectations of around $12.1 billion. The company attributed the earnings miss to higher manufacturing and acquisition-related costs. Revenue growth was driven primarily by its weight-loss drugs Mounjaro and Zepbound, which generated sales of $3.11 billion and $1.26 billion, respectively, but both figures were below analyst estimates of $3.62 billion and $1.63 billion. Trulicity revenue was $1.30 billion, exceeding estimates of $1.21 billion, and Humalog revenue increased 35% year-over-year to $534.6 million, above the expected $423.6 million. Additionally, Eli Lilly lowered its full-year 2024 EPS guidance to a range of $13.02 to $13.52 from the previous $16.10 to $16.60 and narrowed its revenue outlook to $45.4 billion to $46 billion from $45.4 billion to $46.6 billion.