Shares of Eli Lilly & Co (NYSE: LLY) are in the red this morning after the pharmaceutical giant reported weaker-than-expected results for its fiscal second quarter.
Key takeaways from Eli Lilly Q2 results
- Net income printed at $952.5 million versus the year-ago $1.39 billion
- Per-share earnings of $1.05 were well below last year’s $1.53
- Adjusted EPS came in at $1.25, as per the earnings press release
- Revenue slid 4.0% on a year-over-year basis to $6.488 billion
- Consensus was $1.70 of adjusted EPS on $6.849 billion in revenue
- Revenue from COVID-19 antibodies saw an annualised decline of 13%
Trulicity sales remained strong
The bright spot in Eli Lilly Q2 results was “Trulicity” that brought in $1.911 billion, up from $1.535 billion in the same quarter last year. In the earnings press release, CFO Anat Ashkenazi said:
Excluding revenue from Alimta loss of exclusivity in major markets, the sale of rights to Cialis in China in the base period, and COVID-19 antibodies, Lilly experienced 6% revenue growth in our core business.
Future outlook and Cramer’s remarks
Eli Lilly reiterated its guidance for $28.8 billion to $29.3 billion in revenue this year. It, however, expects to earn a lower $6.96 to $7.11 in fiscal 2022. In comparison, analysts had called for $7.68 of EPS on$29.126 billion in revenue.
“Foreign exchange” was a headwind for the NYSE-listed firm this quarter. Discussing Eli Lilly Q2 results on CNBC’s “Squawk on the Street”, Jim Cramer said:
The two things that matter to me are; the weight loss drug is off to a fast start. And the FDA wants to accelerate their Alzheimer’s drug. If the Alzheimer’s drug work, it will be
