From CNBC: 2024-10-30 16:00:55

Eli Lilly falls short of profit and revenue expectations for Q3, citing disappointing sales of Zepbound and Mounjaro. Stock closes 6% lower. Adjusted profit guidance slashed, now expects earnings of $13.02 to $13.52 per share. Revenue outlook lowered to $45.4 billion to $46 billion. Earnings per share: $1.18, Revenue: $11.44 billion.

Zepbound’s sales fall short of expectations at $1.26 billion, while Mounjaro exceeds expectations at $3.11 billion. Eli Lilly CEO Ricks attributes lower sales to inventory decreases among wholesalers. Supply increases have fulfilled back orders, leading to decreased demand for both treatments in the third quarter.

Demand for Eli Lilly’s incretin drugs outpaces supply, leading to billions invested in manufacturing capacity. Supply shortages for Zepbound and Mounjaro have eased, with all doses available in the U.S. FDA warns of limited availability at specific pharmacies. Plans to promote Zepbound pushed back to November due to customer service issues.

Eli Lilly expects a 50% increase in incretin drug production for the second half of 2024. Net income for Q3 reaches $970.3 million, with earnings per share of $1.18. Revenue increases by 20% to $11.44 billion. FDA decision to remove tirzepatide from shortage list sparks opposition from compounding pharmacies.



Read more at CNBC: Eli Lilly (LLY) earnings Q3 2024