Eli Lilly Beats Estimates and the Stock Rises on Revenue Guidance Boost

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Daniel Acker/Bloomberg

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Shares of Eli Lilly rose in premarket trading Thursday after the drugmaker reported first-quarter earnings and sales that topped Wall Street estimates and boosted revenue guidance for the year.

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The company reported adjusted earnings for the three months ended in March of $2.62 a share on sales of $7.81 billion.

Analysts surveyed by FactSet expected Lilly (ticker: LLY) to earn $2.29 a share in the quarter on sales of $7.3 billion. A year earlier, the company reported a profit of $1.87 a share on sales of $6.81 billion.

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Eli Lilly raised its sales forecast for 2022 to $28.8 billion to $29.3 billion. It sees adjusted earnings for the year of $8.15 to $8.30 a share.

Sales of diabetes treatment Trulicity rose 20% to $1.74 billion in the first quarter. Analysts had expected $1.8 billion. Sales of Taltz, the company’s psoriasis treatment, rose 21% to $488.1 million.

Separately, Eli Lilly said Thursday that its drug, tirzepatide, helped patients lose up to 22.5% of weight in a study of obese adults.

Lilly gained 1.8% to $290.32 in premarket trading. Coming into Thursday, the stock has risen 3.2% this year.

Write to Joe Woelfel at [email protected]

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Credit: www.marketwatch.com /

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