REUTERS: U.S. drugmaker Eli Lilly and Co cut its full-year revenue forecast on Tuesday, as it predicted further hits from price declines in the United States and increased generic competition for drugs including erectile dysfunction treatment Cialis.
Shares of the company were down 3 percent at US$115.99 before the bell.
The drugmaker now expects 2019 revenue between US$22.0 billion and US$22.5 billion, lower than its prior forecast of US$25.1 billion to US$25.6 billion. Analysts had expected US$22.17 billion.
Lilly said it also expects to be impacted by the global withdrawal of its cancer drug Lartruvo, a major setback to its cancer treatment portfolio as its older drugs face intensifying competition.
The company, however, raised its adjusted earnings forecast to US$5.60 to US$5.70 per share from a prior range of US$5.55 to US$5.65, ahead of the average analyst estimate of US$5.63.
Excluding items, the company earned US$1.33 per share, beating estimates of US$1.31, according to IBES data from Refinitiv.
Best-selling diabetes drug Trulicity brought in US$879.7 million, missing the average analyst estimate of US$952 million.
Net income more than tripled to US$4.24 billion, or US$4.31 per share, in the quarter ended March 31, as the company benefited from a US$3.7 billion gain from its spin-off of animal health unit Elanco.
Revenue rose to US$5.09 billion, but missed estimates of US$5.13 billion due to lower realized prices.
(Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Shinjini Ganguli)
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