Loading...
Loading...
- Eli Lilly And Co LLY posted weaker-than-expected first-quarter earnings and cut its forecast for full-year adjusted profit due to lower demand for its COVID-19 drugs.
- The company posted net income of $1.35 billion, or $1.49 a share, in the quarter, down 7% from $1.457 billion, or $1.60 a share, a year ago. Adjusted earnings per share of $1.87 missed the consensus of $2.14. Revenue rose 16% to $6.8 billion, below the estimate of $7 billion.
- It recognized revenue of $810.1 million in the first quarter of 2021 for its COVID-19 antibodies.
- The company also recognized asset impairment, restructuring, and other special charges of $211.6 million, stemming from the sale of the rights to Qbrexza and integration costs relating to the acquisition of Prevail Therapeutics Inc.
- Lilly updated its full-year guidance and expects the adjusted EPS to range from $7.80 to $8.00, down from its prior forecast of $7.75 to $8.40 per share, and well below the consensus estimate of $8.32.
- The company sees 2021 revenue in the range of $26.6 billion to $27.6 billion, including an estimated $1 billion to $1.5 billion of revenue from COVID-19 therapies.
- The U.S. government has stopped distributing Lilly's COVID-19 antibody-drug, bamlanivimab, as a standalone treatment therapy last month in response to new variants in the country that could be resistant to bamlanivimab when used alone.
- Lilly said it would focus on combining bamlanivimab and its other COVID-19 antibody-drug etesevimab, which has been shown to neutralize more COVID-19 variants than bamlanivimab alone.
- Price Action: LLY shares are trading 3.08% lower at $181.45 in the premarket session on the last check Tuesday.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in