Lilly's 3rd-qtr ahead of expectations but forecast disappoints

US pharma major Eli Lilly (NYSE: LLY) saw its shares fall more than 4.7% to $344.91, after it released third-quarter 2022 financial results, along with a lowered full-year guidance.

In the third quarter, worldwide revenue was $6.94 billion, an increase of 2% compared with the like 2021 period, and 1% above consensus expectations. Sales were driven by a 14% increase in volume, partially offset by a 7% decrease due to lower realized prices and a 4% decrease from the unfavorable impact of foreign exchange rates.

Operating income on a non-generally-accepted accounting principles (GAAP) basis increased 6%, to $2.01 billion. Net income and earnings per share (EPS) were $1.79 billion and $1.98, respectively, 2% above consensus.