LLY - Eli Lilly up 24% YTD looks to Q2 results beats

2023-08-07 15:08:21 ET

Eli Lilly ( NYSE: LLY ), one of the best performing US pharma stocks so far this year, is scheduled to report Q2 2023 earnings on Tuesday, Aug. 8, before market open.

Despite a year-to-date return of ~24% , Lilly is looking to better Q2 results than in Q1, when it missed on both the top and bottom lines .

The consensus non-GAAP EPS estimate is $2.00 (17% Y/Y) while the consensus revenue estimate is $7.61B (17.4% Y/Y).

Over the last two years, Lilly ( LLY ) has beaten EPS estimates four out of eight quarters and beaten revenue estimates seven out of eight quarters.

Over the last three months, EPS estimates have seen 12 upward revisions and five downward. Revenue estimates have seen 12 upward revisions and three downward.

Investors may want to brace themselves for lower-than-expected EPS results given that Lilly ( LLY ) last month said that Q2 results will be negatively impacted by acquired IPR&D charges of $0.09 per share.

One of the biggest developments for Lilly during Q2 came in June with its acquisition of DICE Therapeutics ( DICE ) for ~$2.4B. DICE ( DICE ) is focused on oral treatments for immunological conditions.

The drugmaker also released promising data on two weight loss therapies in development, retatrutide and orforglipron .

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