Eli Lilly And Co (NYSE: LLY) has reported Q1 sales of $6.96 billion, down 11% Y/Y, beating the consensus of $6.86 billion, driven by a $1.47 billion decline in revenue from COVID-19 antibodies.
Excluding COVID-19 antibodies, revenue in Q1 2023 increased by 10%, driven by volume growth from Mounjaro, Trulicity, Verzenio, and Jardiance.
New Products contributed $573.6 million to revenue in Q1 2023. Growth Products revenue increased 18% to $4.56 billion in Q1 2023.
The company separately said it planned to complete rolling submission to the FDA for tirzepatide, in obese patients in the coming weeks, following positive data from a second late-stage study.
Data from the study showed that a high dose helped people with type 2 diabetes who were also obese or overweight to lose nearly 15.7% of their body weight. Mounjaro generated Q1 sales of $568.5 million.
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Eli Lilly posted adjusted EPS of $1.62, missing the consensus of $1.73.
Also Read: Eli Lilly Divests Low Blood Sugar Drug Baqsimi To Amphastar For $500M Cash.
In February, Eli Lilly said that all doses of its new diabetes drug Mounjaro (tirzepatide) were now available, with wholesalers having inventory after a two-month-long shortage.
Guidance: The company also raised its annual revenue forecast to $31.2 billion to $31.7 billion, compared with its prior range of $30.3 billion to $30.8 billion and the consensus of $ $30.64 billion.
Eli Lilly raised its FY23 adjusted EPS outlook to $8.65-$8.85 from prior guidance of $8.35-$8.55 and a consensus of $8.45.
Price Action: LLY shares are down 2.39% at $385.27 on the last check Thursday.
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Source: https://finance.yahoo.com/news/why-eli-lilly-shares-trading-155508489.html