Business

Lilly misses profit projects as sales of diabetes drug slow

Posted October 27, 2020 7:00 am

The Associated Press

INDIANAPOLIS (AP) - Eli Lilly and Co. is reporting third-quarter net income of $1.21 billion.

On a per-share basis, the Indianapolis company said it had profit of $1.33. Earnings, adjusted for asset impairment costs, were $1.54 per share. That's far short of the per-share earnings of $1.76 that Wall Street was looking for, according to a survey of analysts by Zacks Investment Research.

Revenue was $5.74 billion.

Lilly expects full-year earnings in the range of $7.20 to $7.40 per share, with revenue in the range of $23.7 billion to $24.2 billion.

Lilly shares have risen 8% since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 5%. The stock has risen 32% in the last 12 months.

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A portion of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LLY at https://www.zacks.com/ap/LLY

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