Eli Lilly stock sinks after Q3 earnings miss Wall Street expectations

Published On Oct 30, 2024, 7:18 AM

Eli Lilly reported third-quarter earnings that fell short of Wall Street expectations, with revenue at $11.4 billion against an estimate of $12.17 billion. This results in a drop in share price by about 10% in premarket trading. The company's profits also missed expectations, forcing them to lower their profit guidance for the year. Though its diabetes drug Mounjaro and weight-loss drug Zepbound remain significant sources of revenue, sales for Zepbound were lower than projected. Looking forward, analysts are concerned about competition and market saturation within the healthcare sector, especially concerning weight-loss drugs.

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Stock Forecasts

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Negative

With Eli Lilly's recent earnings miss leading to a significant drop in stock price, it appears investors may react negatively as the company revises its profit outlook lower and competition in the GLP-1 sector intensifies. Given these factors, there may be continued pressure on the stock in the short term, as investors reassess expectations for growth amidst disappointing sales figures.

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