A sign with the company logo sits outside of the headquarters of Eli Lilly in Indianapolis, Indiana, on March 17, 2024.
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Eli Lilly on Wednesday reported third-quarter adjusted profit and revenue that missed expectations, sending its stock tumbling roughly 10%.
The company also slashed its full-year adjusted profit guidance.
Here’s what Eli Lilly reported for the period ended September 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $1.18 adjusted vs. $1.47 expected
- Revenue: $11.44 billion vs. $12.11 billion expected
Demand in the U.S. has far outpaced supply for Lilly’s incretin drugs, such as Zepbound and Mounjaro, over the last year. Both treatments mimic certain gut hormones to tamp down a person’s appetite and regulate their blood sugar.
The popularity of those injectable drugs has forced both Eli Lilly and its main rival, Novo Nordisk, to invest billions to increase manufacturing capacity for the treatments.
Eli Lilly’s supply woes began to ease earlier this year. As of Wednesday, the Food and Drug Administration’s drug database said all doses of Zepbound and Mounjaro are available in the U.S. after extended shortages. Still, the agency warns that patients may not always be able to immediately fill their prescription for those drugs at a particular pharmacy.
This story is developing. Please check back for updates.