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Business

Eli Lilly results beat estimates on demand for blockbuster diabetes drug

(Reuters) -Eli Lilly and Co on Thursday reported quarterly results that beat Wall Street estimates on strong demand for its key drugs to treat diabetes, cancer and inflammatory diseases, sending shares of the drugmaker up 6%.

Earlier in day, data from the company’s late-stage study showed its experimental obesity drug, tirzepatide, delivered superior weight loss compared to placebo.

Lilly is banking on its new pipeline of assets as many of its established drugs are facing patent loss and rising generic competition in certain markets.

The company has plans to launch five more medicines over the next two years, including tirzepatide, which is also under regulatory review for diabetes, and Alzheimer’s disease treatment donanemab.

Blockbuster diabetes drug Trulicity and top-selling cancer drug Taltz saw double-digit growth in the quarter on strong demand despite pricing pressures.

Sales of Trulicity rose 20% and its rheumatoid arthritis treatment Olumiant jumped 32%.

Revenue from COVID-19 antibody therapies rose to $1.47 billion in the quarter, from $810.1 million, a year earlier.

The company, however, lowered its full-year profit forecast.

It now expects adjusted full-year earnings of between $8.15 and $8.30 per share, compared with its prior forecast of $8.50 to $8.65 per share.

According to IBES data from Refinitv, Lilly reported adjusted earnings of $2.77 per share, ahead of estimates of $2.32 per share.

Overall sales rose to $7.81 billion, compared with expectations of $7.38 billion.

(Reporting by Mrinalika Roy and Leroy Leo in Bengaluru; Editing by Amy Caren Daniel)

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