Lilly shares suffer on earnings miss and reduced forecast

Eli Lilly (NYSE: LLY) underwhelmed with its first-quarter 2021 financial results, sending its share price down by 2% by lunchtime on Tuesday.

The US drugmaker reported revenue of $6.8 billion, 16% higher than in the same quarter last year, but its adjusted earnings, not reported according to generally accepted accounting principles (GAAP), came in at $1.87 per share, missing the FactSet consensus estimate of $2.12 per share.

Lilly also cut its earnings guidance for the full 2021 fiscal year, mainly due to weaker-than-expected sales of COVID-19 antibodies. The company now expects adjusted earnings of between $7.80 and $8, down from its previous estimate of between $7.75 and $8.40. Analysts had expected full-year earnings of $8.24 per share, according to FactSet.