Investing.com -- Eli Lilly (NYSE:LLY) shares plunged around 10% in premarket trading on Wednesday after it reported third-quarter earnings that fell short of analyst expectations.
The pharmaceutical giant posted adjusted earnings per share of $1.18, missing the consensus estimate of $1.45. Revenue came in at $11.44 billion, below analyst projections of $12.09 billion.
Despite falling short of expectations, revenue grew 20% YoY, boosted by strong sales of diabetes drug Mounjaro and weight loss treatment Zepbound. Excluding those products, non-incretin revenue increased 17%.
The company lowered its full-year 2024 revenue guidance to between $45.4 billion and $46 billion, down from its previous forecast of $45.4 billion to $46.6 billion and below the $46.25 billion analysts were expecting.
Eli Lilly also cut its 2024 adjusted EPS outlook to between $13.02 and $13.52, compared to the $13.50 consensus estimate. The previous EPS forecast was from $16.10 to $16.60.
"Lilly had another strong growth quarter in Q3, with total revenue increasing by 42% after excluding divestiture activity in the same period last year," said CEO David Ricks. "While the growth of Mounjaro and Zepbound is impressive, we are equally proud of the 17% growth in non-incretin revenue."
Prior to the premarket decline on Wednesday, Eli Lilly shares had gained over 55% for the year-to-date.