Eli Lilly (NYSE:LLY) shares fell in early Thursday trade after the company lowered its full-year outlook.
Eli Lilly now projects an EPS in the range of $6.50 to $6.70, which fell below the consensus estimate of $6.72.
"Lilly had another strong quarter in Q3 as Mounjaro and Verzenio continued to gain momentum," said David A. Ricks, Lilly's chair and CEO.
"Lilly executed on business development priorities in the third quarter, including multiple acquisitions that expand our already robust pipeline. We remain focused on growth and delivering new, innovative medicines that make life better for millions of patients around the globe."
Eli Lilly reported an adjusted earnings per share of 10 cents, better than the expected loss per share of 20 cents.
The company's revenue for the period amounted to $9.50 billion, reflecting a 37% year-over-year increase and surpassing the consensus of $8.97 billion.
The gross margin stood at 80.4%, showing an improvement from 77.3% YoY but slightly below the estimated 80.7%.