Eli Lilly Stock Slumps on Lowered Sales Forecast | Global News Avenue

Eli Lilly and Company (Li LaiThe company’s shares plunged on Tuesday after the drugmaker cut its fiscal 2024 revenue forecast.

weight loss pill manufacturers monzaro and zepbond It said fourth-quarter drug sales growth was lower than expected and product inventories were also lower than expected.

Eli Lilly said it expects fourth-quarter income About $13.5 billion, which would bring full-year revenue to $45 billion, below the $45.4 billion to $46 billion range the company expected in its forecast third quarter report. Analysts expected fourth-quarter revenue of $13.97 billion and full-year revenue of $45.48 billion, according to estimates compiled by Visible Alpha.

Eli Lilly expects weight-loss drug sales to grow as production ramps up

Heading into fiscal 2025, CEO David Ricks said the company expects sales of the weight-loss drug to continue growing, noting that it expects “production of salable doses to increase by at least 60% over the same period last year” in the first half of 2024.

The drugmaker said it expects fiscal 2025 revenue to be between $58 billion and $61 billion, while analysts currently expect revenue of $59.33 billion. Eli Lilly made the change ahead of Ricks’ speech at a health care conference on Tuesday afternoon.

The company said it plans to report fourth-quarter earnings on Feb. 6 and outline full fiscal 2025 forecasts.

Eli Lilly’s shares fell nearly 7% to $746 on Tuesday after the news broke. Despite Tuesday’s decline, shares of Eli Lilly have risen more than 17% in the past 12 months.