Lilly Q1 Profit Down, Misses View; Lifts FY23 Forecast; Stock Up In Pre Market

Drug maker Eli Lilly And Co. (LLY), despite reporting weak profit and revenues in its first quarter, on Thursday lifted forecast for fiscal 2023 earnings and revenues.

In pre-market activity on the NYSE, LLY shares were gaining around 3 percent to trade at $386.50.

For the full year, the company now raised earnings per share by $0.28 to be in the range of $8.18 to $8.38 and adjusted earnings per share guidance were raised by $0.30 to be in the range of $8.65 to $8.85.

The company previously expected earnings of $7.90 to $8.10 on a reported basis and $8.35 to $8.55 on an adjusted basis.

On average, 23 analysts polled by Thomson Reuters expect earnings of $8.45 per share for the year. Analysts’ estimates typically exclude special items.

Further, revenue guidance has been increased by $900 million to the range of $31.2 to $31.7 billion. The previous outlook was revenues of $30.3 billion to $30.8 billion.

The Street expects revenues of $30.64 billion for the year.

In its first quarter, net income fell 29 percent to $1.34 billion or $1.49 per share from last year’s $1.90 billion or $2.10 per share.

Adjusted net income was $1.46 billion or $1.62 per share, compared to $2.37 billion or $2.62 per share a year ago.

Revenue for the quarter dropped 11 percent to $6.96 billion from $7.81 billion last year.

Analysts were looking for earnings of $1.73 per share on revenues of $6.86 billion for the quarter.

Worldwide revenue was down, driven by a 5 percent decrease due to lower realized prices, a 4 percent decrease due to lower volume amid decline in COVID-19 antibodies revenue, and a 2 percent decrease from the unfavorable impact of foreign exchange rates.

Excluding COVID-19 antibodies, revenue in Q1 2023 increased 10 percent and total worldwide volume increased 18 percent.

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