Thursday, February 9, 2023
HomeMarketEli Lilly Stock Falls. The Company Expects Earnings for 2023 Below Consensus.

Eli Lilly Stock Falls. The Company Expects Earnings for 2023 Below Consensus.

Eli Lilly expects 2023 revenue to be in the range of $30.3 billion and $30.8 billion.

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Daniel Acker/Bloomberg

Eli Lilly
stock was down Tuesday after the pharmaceutical company announced 2023 earnings guidance below Wall Street’s expectations.

Eli Lilly
(ticker: LLY) revealed its 2023 financial guidance on Tuesday when it said adjusted earnings are expected to be in the range of $8.10 a share and $8.30 a share. Analysts surveyed by FactSet were expecting 2023 adjusted earnings of $9.16 a share.

Eli Lilly
also said revenue should be in the range of $30.3 billion and $30.8 billion. Analysts were expecting 2023 sales of $30.2 billion.

In the release, the company announced some potential launches and regulatory submissions of medicines for the coming year, including a possible regulatory submission for obesity treatment tirzepatide.

“We continue to innovate and are beginning new pivotal studies for the next group of potential breakthrough treatments,” David Ricks, chief executive, said in the release. “In the decade ahead, we are well positioned to create significant value for patients with challenging conditions, health systems struggling to manage chronic disease, and, of course, our shareholders.”

Eli Lilly also reaffirmed its 2022 financial guidance on Tuesday.

This is not the first time this year the company’s financial outlook has disappointed investors. In its third-quarter results, Eli Lilly cut its guidance for full-year earnings. The stock fell in response.

Shares of Eli Lilly fell 1.9% in premarket trading Tuesday to $360.30. Coming into Tuesday trading, the stock had jumped 33% in 2022.

Write to Angela Palumbo at angela.palumbo@dowjones.com

Credit: marketwatch.com

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