Eli Lilly’s quarterly earnings fall short of expectations

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Eli Lilly and Co. on Tuesday morning reported a second-quarter profit of $1.39 billion that missed analyst expectations. The drugmaker, however, saw revenue growth that topped Wall Street predictions.

Lilly shares were up more than 4% in mid-morning trading, to $257.01 each.

On a per-share basis, the Indianapolis-based pharmaceutical company said it had profit of $1.53. Earnings, adjusted for non-recurring costs, came to $1.87 per share.

The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.89 per share.

The drugmaker posted revenue of $6.74 billion in the period, up 23% from the year-ago period. Sales of top drug Trulicity rose 25%, to $1.54 billion. The revenue figure exceeded the expectations of Zacks analysts by more than 2%.

Lilly left its full-year earnings outlook in the range of $7.80 to $8 per share, with revenue in the range of $26.8 billion to $27.4 billion.

Hurting Lilly’s performance was a slowdown in sales of its COVID-19 antibody treatments bamlanivimab and etesevimab. Sales were $148.9 million in the period, compared with $810.1 million in the previous quarter.

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