ABCL - Lilly to report Q1 2023 results with pipeline updates in spotlight
2023-04-26 11:32:44 ET
Eli Lilly ( NYSE: LLY ) is expected to report its Q1 2023 results before the opening bell on Thursday for a market on the lookout for updates on its pipeline led by Alzheimer’s candidate donanemab and weight loss agent tirzepatide.
Amid waning demand for its COVID-19 antibody bebtelovimab, the Indiana-based drugmaker’s pipeline has come under scrutiny after it decided to slash the prices of its insulin products, and the FDA refused accelerated approval for donanemab early this year.
Lilly ( LLY ) led industrywide price reductions for insulin drugs in March, announcing a 70% cut to prices of its older versions of products alongside a decision to cap insulin out-of-pocket expenses at $35 per month.
In the face of new Omicron subvariants, the FDA pulled emergency use authorization for bebtelovimab developed by Lilly ( LLY ) with AbCellera Biologics ( ABCL ) in 2022.
Amid soaring demand for Novartis’ ( NVS ) obesity therapy, Wegovy, Lilly ( LLY ) is advancing its diabetes therapy Mounjaro for a potential weight loss indication expected later this year.
Ahead of late-stage data readout for donanemab in June, LLY has also garnered attention as rivals Biogen ( BIIB ) and Eisai ( OTCPK:ESAIY ) ( OTCPK:ESALF ) await FDA full approval for Alzheimer’s therapy Leqembi.
As for Q1 financials, Wall Street projects Lilly ( LLY ) to report $1.73 earnings per share for the quarter, implying a ~34% YoY decline, and expects its quarterly revenue to slip ~12% YoY to ~$6.9B.
Over the past two years, LLY has posted three quarterly earnings beats and five misses, while its revenue figures have exceeded Wall Street estimates five times and lagged expectations three times.
With its Q4 2022 results that exceeded revenue consensus but lagged earnings expectations, LLY raised its adj. EPS forecast to $8.35 - $8.55 and kept its 2023 revenue guidance unchanged at $30.3B – $30.8B.
More on Lilly
- Eli Lilly: Skinny Customers, Fat Profits
- Eli Lilly upgraded at Wells Fargo citing opportunity after recent weakness
- Eli Lilly Q1 2023 Earnings Preview: Mounjaro Sales Will Be The Headline News
For further details see:
Lilly to report Q1 2023 results with pipeline updates in spotlight