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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowShares in Eli Lilly and Co. fell Monday after the Indianapolis-based drugmaker cut its full-year financial outlook in the wake of lower-than-expected quarterly revenue.
Lilly reported first quarter revenue of $5.09 billion, up 3% from a year ago but below analyst expectations of $5.2 billion.
Sales of several of Lilly’s top drugs missed expectations. Sales of diabetes drug Trulicity rose 30%, to $879.7 million, but missed analyst expectations of nearly $950 million.
Sales of insulin drug Humalog fell 8%, to $730.8 million but beat expectations of $719.2 million. Sales of Alimta were flat at nearly $500 million, missing expectations of almost $569 million. Forteo sales also were flat at $313 million, below expectations of $394 million.
Lilly said it expects full-year revenue in the range of $22 billion to $22.5 billion, down from $25.1 billion to $25.6 billion.
The company said it had a profit of $4.24 billion, or $4.31 per share, up from $1.22 billion, or $1.16 a share.
Earnings adjusted for one-time gains and costs were $1.33 per share, exceeding analyst expectations of $1.32 per share.
Lilly shares fell 2.6 percent Tuesday morning, to $116.47 each.
"Lilly continued to execute well against our strategic priorities in the first quarter of 2019," CEO David Ricks said in written remarks. "We delivered volume-based revenue growth despite the loss of patent exclusivity for several products, increased our investments in new brands, and further funded our pipeline of potential new medicines.”
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