Why Eli Lilly (LLY) Shares Are Falling Today - Eli Lilly and Co (NYSE:LLY)

Eli Lilly And Co LLY has reported Q4 sales of $7.30 billion, down 9% Y/Y, missing the consensus of $7.33 billion.
Excluding COVID-19 antibodies, revenue in Q4 increased 5%, or 10% on a constant currency basis, driven by volume growth of key growth products, partially offset by lower Alimta revenue.
Excluding COVID-19 antibodies, the total worldwide volume in Q4 2022 increased by 13%.
Related: Eli Lilly Is Best-In-Class Growth, Says Analyst While Initiating Coverage.
"2023 is an inflection point for Lilly - a chance to expand our impact on patients and growth potential as an R&D-driven biopharma company," said David A. Ricks, Lilly's chair and CEO. "Over the course of this critical year, we hope to launch as many as four new medicines for challenging diseases while advancing our next generation of molecules currently in Phase 3."
Key growth products - Verzenio, Mounjaro, Jardiance, Taltz, Trulicity, Retevmo, Emgality, Cyramza, Tyvyt, and Olumiant, grew 21% and represented 70% of revenue.
Revenue from COVID-19 antibodies plunged 96% to $38 million. Adjusted EPS decreased 4% to $2.09, beating the consensus of $1.78.
Guidance: Eli Lilly raised its FY23 adjusted EPS outlook from $8.10-$8.30 to $8.35-$8.55 versus the consensus of $8.28.
The company reaffirms 2023 sales guidance at $30.3-$30.8 billion (consensus $30.55 billion).
Price Action: LLY shares are down 4.89% at $325.82 on the last check Thursday.
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Eli Lilly Posts Weaker Q4 Sales On Slower Demand For Its COVID-19 Treatment, Overshadowing Annual Guidance