Eli Lilly Says Q3 Earnings Supported By Key Products and Volume, Cuts FY22 Outlook

  • Eli Lilly And Co LLY has reported Q3 sales of $6.94 billion, +2% Y/Y beating the consensus of $6.91 billion.
  • Lilly's revenue increased 7% on a constant currency basis, primarily driven by volume growth of key growth products, partially offset by lower realized prices and lower Alimta revenue following the entry of generics. 
  • Total worldwide volume in Q3 2022 increased by 14%.
  • Key growth products - Verzenio, Trulicity, Mounjaro, Jardiance, Taltz, Emgality, Retevmo, Cyramza, Tyvyt, and Olumiant - grew 19% and represented 70% of revenue in Q3, excluding revenue from COVID-19 antibodies.
  • Revenue from COVID-19 antibodies reached $386.6 million compared with $217.1 million a year ago.
  • Adjusted EPS increased 12% to $1.98, beating the consensus of $1.92.
  • Guidance: Eli Lilly lowered FY22 adjusted EPS guidance to $7.70-$7.85 from previous guidance of $7.90-$8.05 and below the consensus of $8.08, reflecting forex impacts.
  • The company forecasts FY22 sales of $28.5-$29.0 billion compared to previous guidance of $28.8-$29.3 billion and a consensus of $28.27 billion.
  • Price Action: LLY shares are down 3.06% at $351 premarket on the last check Tuesday.
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