{"id":10114,"date":"2023-08-08T11:30:33","date_gmt":"2023-08-08T11:30:33","guid":{"rendered":"https:\/\/isafespend.com\/news\/eli-lilly-raises-full-year-guidance-as-drug-pipeline-drives-second-quarter-profit-up-85\/"},"modified":"2023-08-08T11:30:34","modified_gmt":"2023-08-08T11:30:34","slug":"eli-lilly-raises-full-year-guidance-as-drug-pipeline-drives-second-quarter-profit-up-85","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=10114","title":{"rendered":"Eli Lilly raises full-year guidance as drug pipeline drives second-quarter profit up 85%"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Eli Lilly<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> on Tuesday raised its full-year guidance as second-quarter profit jumped 85% from the same period a year ago on strong sales from the pharmaceutical giant&#8217;s drug pipeline.<\/p>\n<p>The company now expects full-year revenue of between $33.4 billion to $33.9 billion, up from a previous forecast of $31.2 billion to $31.7 billion. Eli Lilly also increased its adjusted earnings guidance to a range of $9.70 to $9.90 per share for the year, up from a range of $8.65 to $8.85.<\/p>\n<p>Shares of Eli Lilly jumped 10% in premarket trading Tuesday.<\/p>\n<p>Here&#8217;s how Eli Lilly performed, compared with Wall Street expectations, based on a survey of analysts by Refinitiv:<\/p>\n<ul>\n<li><strong>Adjusted earnings:<\/strong> $2.11 per share, vs. $1.98 per share expected<\/li>\n<li><strong>Revenue:<\/strong> $8.31 billion, vs. $7.58 billion expected<\/li>\n<\/ul>\n<p>The company booked net income of $1.76 billion, or $1.95 per share, for the quarter. That&#8217;s up from net income of $952.5 million, or $1.05 per share, for the same period a year ago.\u00a0<\/p>\n<p>Accounting for charges associated with some intangible assets and losses on securities, the company recorded adjusted income of $1.9 billion, or $2.11 per share.<\/p>\n<p>The company&#8217;s $8.31 billion in sales for the quarter marked a 28% increase from the same period a year ago.\u00a0<\/p>\n<p>That revenue growth was driven by sales of breast cancer pill Verzenio, which rose 57% to $926.8 million for the quarter.<\/p>\n<p>Newer drugs like Mounjaro, the company&#8217;s Type 2 diabetes injection, also fueled revenue growth, posting $979.7 million in sales for the quarter. The drug was first approved in the U.S. in May 2022 and notched just $16 million in sales in the year-ago period.\u00a0<\/p>\n<p>Eli Lilly said it &#8220;has experienced and continues to expect intermittent delays fulfilling orders of certain Mounjaro doses given significant demand.&#8221; <\/p>\n<p>Eli Lilly also sold the rights to its emergency diabetes treatment Baqsimi to Amphastar Pharmaceuticals in April, which brought in $579 million to the topline.<\/p>\n<p>Eli Lilly&#8217;s stock has been on a tear in recent months, driven in part by positive trial results for its Alzheimer&#8217;s drug, donanemab, and the company&#8217;s progress with its promising obesity drug pipeline.\u00a0<\/p>\n<p>Shares of Eli Lilly are up more than 24% for the year. With a market value of roughly $431 billion, Eli Lilly is the second-largest pharmaceutical company based in the U.S. after <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-8\">Johnson &amp; Johnson<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>.<\/p>\n<p>Eli Lilly will hold a conference call with investors at 9:00 am ET.\u00a0<\/p>\n<p>Executives will likely share updates on the company&#8217;s upcoming pipeline launches and recent acquisitions.\u00a0That includes Eli Lilly&#8217;s $1.93 billion acquisition of Versanis, a privately held obesity drug maker.\u00a0<\/p>\n<p>Executives are also likely to be asked about a lawsuit filed Monday by <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-10\">Nektar Therapeutics<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> accusing Eli Lilly of undermining a drug development deal established between the two companies in 2017.<\/p>\n<p><em>This story is developing. Please check back for updates.<\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/08\/08\/eli-lilly-lly-q2-2023-earnings-report.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eli Lilly on Tuesday raised its full-year guidance as second-quarter profit jumped 85% from the same period a year ago on strong sales from the pharmaceutical giant&#8217;s drug pipeline. The company now expects full-year revenue of between $33.4 billion to $33.9 billion, up from a previous forecast of $31.2 billion to $31.7 billion. Eli Lilly<\/p>\n","protected":false},"author":1,"featured_media":10115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-10114","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Eli Lilly raises full-year guidance as drug pipeline drives second-quarter profit up 85% | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Eli Lilly on Tuesday raised its full-year guidance as second-quarter profit jumped 85% from the same period a year ago on strong sales from the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=10114\" \/>\n<meta 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