© Reuters. File photo: A box of Trulicity medicine made by Eli Lilly and Company on the pharmacy counter in Provo, Utah, USA on January 9, 2020.Reuters/George Frey
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Bambi Satya
(Reuters) – Eli Lilly and Co missed Wall Street forecasts for sales of hot drug Munjaro and an older diabetes drug, masking better-than-expected 2023 profit forecasts.
Pharmaceutical companies are leaning on new diabetes drug Munjaro to soften sales hits from lower insulin prices, competition from cancer drug Alimta and a COVID-19 drug stall. U.S. pharma stocks traded in the morning after weak Munjaro sales and pharma just undershooting quarterly sales estimates Lilly hopes to be the engine of growth in this decade In he fell 5%.
The company is trying to allay investor concerns about declining sales of older drugs, with chief executive David Rix calling 2023 “the year of investing in future growth.”
“But at the same time, we’re not going backwards or turning around. We’re growing. I don’t know if there are other big pharma companies that are growing 15% in their core business. , which is a pretty strong number,” Ricks said. Added.
Mounjaro’s fourth-quarter revenue was $279.2 million, below estimates of $319 million, according to an average of five analysts surveyed by Refinitiv.
Sales of the company’s COVID-19 drug bebuterobimab were nearly wiped out, and third-quarter sales were down about 96% year-over-year to $38 million. This is because U.S. health officials withdrew approval over concerns that the antibodies would not neutralize his BQ.1. BQ.1.1 Omicron subvariant. Blockbuster diabetes drug Trulicity had his $1.94 billion in sales, short of analysts’ expectations of $2.16 billion.
Total revenue for the quarter was $7.3 billion, below estimates of $7.33 billion. The company forecasts adjusted earnings for him between $8.35 and $8.55 per share in 2023, beating analysts’ expectations of $8.28 per share.