Eli Lilly & Co.’s LLY stock fell 2.3% before market open Thursday after the biopharmaceutical giant’s fourth-quarter revenue came in below analysts’ expectations. The company reported net income of $1.938 billion, or $2.14 a share, up from net income of $1.726 billion, or $1.90 a share, in the year-earlier period. Adjusted per-share earnings came to $2.09, ahead of the FactSet consensus of $1.78. Revenue fell to $7.302 billion, down from almost $8 billion a year ago. Analysts surveyed by FactSet were looking for revenue of $7.332 billion. The company now sees full-year adjusted EPS of $8.35 to $8.55. Analysts surveyed by FactSet are looking for full year adjusted earnings of $8.35 a share. The company still sees 2023 revenue of $30.3 billion to $30.8 billion. The FactSet consensus is for 2023 revenue of $30.5 billion. “2023 is an inflection point for Lilly – a chance to expand our impact on patients and growth potential as an R&D-driven biopharma company,” said Eli Lilly’s CEO David A. Ricks, in a statement. “Over the course of this critical year, we hope to launch as many as four new medicines for challenging diseases, while advancing our next generation of molecules currently in Phase 3.”
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