Eli Lilly‘s first-quarter earnings missed expectations Thursday, but the pharmaceutical company raised its full-year guidance.
Before the earnings release, the company also reported positive data on its weight loss drug tirzepatide.
Eli Lilly shares rose more than 3% in pre-market trading.
The company’s revenue fell 11% compared to the same quarter last year, due to a $1.5 billion decline in sales from its Covid-19 antibodies. Lilly reported $6.96 billion in revenue for the quarter, which slightly topped analysts’ expectations, but sales declined from $7.81 billion in the prior-year quarter.
The company reported adjusted earnings of $1.62 per share, which missed analyst expectations of $1.73 a share for the quarter.
Here’s how the company performed compared with analysts’ estimates compiled by Refinitiv:
- Adjusted earnings: $1.62 per share, vs $1.73 per share expected
- Revenue: $6.96 billion, vs. $6.86 billion expected
The company booked net income of $1.3 billion, or $1.49 per share, for the quarter, a decrease of 29% compared to the first quarter of 2022.
Eli Lilly raised its guidance for the year due in large part to the U.S. dollar weakening against major currencies. It said it expects revenue of between $31.2 billion to $31.7 billion, compared to its previous projections of $30.3 billion to $30.8 billion.
The company increased its adjusted earnings guidance to $8.65 to $8.85 per share for the year, up from $8.35 to $8.55.
Lilly also released data on its weight loss drug tirzepatide Thursday morning before earnings. Patients who were overweight and had type 2 diabetes lost between 30 pounds and 34 pounds on average depending on the dose they took, compared to 7 pounds in the placebo group.
Lilly plans to complete its application for Food and Drug Administration approval in the coming weeks.
The FDA approved tirzepatide under the brand name Mounjaro in May 2022 to treat adults with type 2 diabetes. Lilly’s Mounjaro sales were about $587 million in the first quarter.
Revenue for several of Lilly’s key products rose year-over-year. Sales for Trulicity, Lilly’s weekly injection for type 2 diabetes, came in at $1.98 billion for the quarter, a 14% increase compared to $1.74 billion for the same period last year.
Revenue for Verzenio, Lilly’s pill for breast cancer, rose 60% to $751 million, compared to $469 million in the first quarter of 2022.
And sales for Jardiance, a tablet that lowers blood sugar in type 2 diabetes patients, rose 38% to $578 million compared to $419 million in the same period last year.
This is a developing story. Please check back for updates.