Lilly plummets 8% as star products miss estimates

30 October 2024

US drugmaker Eli Lilly (NYSE: LLY) looked set to lose a whopping $730 million in the stock market value on Wednesday, if its lunchtime position was to be maintained.

The company’s third-quarter financial results and latest guidance for 2024 left investors seriously underwhelmed, prompting what reports are calling the worst day for Lilly’s stock since 2021.

Revenue for the quarter was $11.44 billion, up 20% but short of the $12.11 expected by analysts. Adjusted earnings per share for the quarter were $1.18, also missing Wall Street forecasts, which were for a figure of $1.47.

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