Drug maker Eli Lilly And Co. (LLY), despite reporting weak profit and revenues in its first quarter, on Thursday lifted forecast for fiscal 2023 earnings and revenues.
In pre-market activity on the NYSE, LLY shares were gaining around 3 percent to trade at $386.50.
For the full year, the company now raised earnings per share by $0.28 to be in the range of $8.18 to $8.38 and adjusted earnings per share guidance were raised by $0.30 to be in the range of $8.65 to $8.85.
The company previously expected earnings of $7.90 to $8.10 on a reported basis and $8.35 to $8.55 on an adjusted basis.
On average, 23 analysts polled by Thomson Reuters expect earnings of $8.45 per share for the year. Analysts' estimates typically exclude special items.
Further, revenue guidance has been increased by $900 million to the range of $31.2 to $31.7 billion. The previous outlook was revenues of $30.3 billion to $30.8 billion.
The Street expects revenues of $30.64 billion for the year.
In its first quarter, net income fell 29 percent to $1.34 billion or $1.49 per share from last year's $1.90 billion or $2.10 per share.
Adjusted net income was $1.46 billion or $1.62 per share, compared to $2.37 billion or $2.62 per share a year ago.
Revenue for the quarter dropped 11 percent to $6.96 billion from $7.81 billion last year.
Analysts were looking for earnings of $1.73 per share on revenues of $6.86 billion for the quarter.
Worldwide revenue was down, driven by a 5 percent decrease due to lower realized prices, a 4 percent decrease due to lower volume amid decline in COVID-19 antibodies revenue, and a 2 percent decrease from the unfavorable impact of foreign exchange rates.
Excluding COVID-19 antibodies, revenue in Q1 2023 increased 10 percent and total worldwide volume increased 18 percent.
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