{"id":31529,"date":"2023-11-02T11:24:46","date_gmt":"2023-11-02T11:24:46","guid":{"rendered":"https:\/\/microloannexus.com\/news\/eli-lilly-results-top-estimates-on-mounjaro-strength-but-slashes-full-year-profit-outlook\/"},"modified":"2023-11-02T11:24:48","modified_gmt":"2023-11-02T11:24:48","slug":"eli-lilly-results-top-estimates-on-mounjaro-strength-but-slashes-full-year-profit-outlook","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=31529","title":{"rendered":"Eli Lilly results top estimates on Mounjaro strength but slashes full-year profit outlook"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Eli Lilly<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> on Thursday reported third-quarter revenue and adjusted earnings that topped estimates on strong demand for its diabetes drug Mounjaro, but slashed its full-year profit guidance due to charges primarily related to its recent acquisitions.<\/p>\n<p>Here&#8217;s what Eli Lilly reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:<\/p>\n<ul>\n<li><strong>Earnings per share:<\/strong> 10 cents per share adjusted vs. 13 cents loss per share expected<\/li>\n<li><strong>Revenue:<\/strong> $9.50 billion vs. $8.95 billion expected<\/li>\n<\/ul>\n<p>For the quarter ended Sept. 30, Eli Lilly posted a loss of $57.4 million, or six cents a share, compared with a profit of $1.45 billion, or $1.61 a share, a year earlier. Excluding one-time items, the company posted a per-share profit of 10 cents.<\/p>\n<p>The pharmaceutical giant generated third-quarter revenue of $9.50 billion, up 37% from the same period a year ago. That increase was primarily driven by growth from Mounjaro and other drugs, including breast cancer pill Verzenio and diabetes medication Jardiance.<\/p>\n<p>Eli Lilly recorded pre-tax &#8220;in-process research and development&#8221; charges of $2.98 billion, which are primarily related to a slew of recent buyouts, including DICE Therapeutics, Versanis Bio and Emergence Therapeutics AG.<strong> <\/strong>That compares to charges of $62.4 million in the third quarter of 2022.<\/p>\n<p>The company lowered its 2023 adjusted earnings guidance to a range of $6.50 to $6.70, from a previous range of $9.70 to $9.90 per share.<\/p>\n<p>But Eli Lilly reiterated its full-year revenue forecast of between $33.4 billion and $33.9 billion.\u00a0<\/p>\n<p>With a market cap of roughly $526 billion, Eli Lilly is the largest pharmaceutical company based in the U.S. The company&#8217;s stock has been on a tear this year, with shares up nearly 52% through Wednesday&#8217;s close.\u00a0<\/p>\n<\/div>\n<h2 class=\"ArticleBody-subtitle\">Mounjaro, other drugs<\/h2>\n<div class=\"group\">\n<p>Mounjaro, the company&#8217;s Type 2 diabetes injection, posted $1.41 billion in sales for the quarter. The drug was first approved in the U.S. in May 2022 and made just $97.3 million in sales in the year-ago period.\u00a0<\/p>\n<p>Investors have pinned high hopes on Mounjaro&#8217;s potential mega-blockbuster potential beyond diabetes, with initial studies suggesting that it may be even more effective at reducing weight than <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\">Novo Nordisk<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>&#8216;s popular Wegovy and Ozempic injections. Last month, Eli Lilly filed for Food and Drug Administration approval of the injection for chronic weight management.<\/p>\n<p>Revenue growth was also driven by sales of breast cancer pill Verzenio, which rose 68% to $1.04 billion for the quarter. Sales of Jardiance, a tablet that lowers blood sugar in Type 2 diabetes patients, climbed 22% to $700 million for the second quarter.<\/p>\n<p>Eli Lilly also reported no sales from its Covid antibody treatments, compared with $387 million in the second quarter of 2022. The Food and Drug Administration rescinded its approval of the company&#8217;s antibody bebtelovimab in November.<\/p>\n<p>Eli Lilly will hold an earnings call with investors at 9:00 a.m. ET.<\/p>\n<p><em>This is a developing story. Check back for details.<\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/02\/eli-lilly-lly-q3-earnings-report-2023.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eli Lilly on Thursday reported third-quarter revenue and adjusted earnings that topped estimates on strong demand for its diabetes drug Mounjaro, but slashed its full-year profit guidance due to charges primarily related to its recent acquisitions. Here&#8217;s what Eli Lilly reported for the third quarter compared with what Wall Street was expecting, based on a<\/p>\n","protected":false},"author":1,"featured_media":31530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-31529","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Eli Lilly results top estimates on Mounjaro strength but slashes full-year profit outlook | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Eli Lilly on Thursday reported third-quarter revenue and adjusted earnings that topped estimates on strong demand for its diabetes drug Mounjaro, but\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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