: Eli Lilly stock up premarket as company’s Q1 revenue beats and it raises guidance

Eli Lilly & Co. shares LLY rose 2% premarket Thursday, after the company posted first-quarter earnings showing a revenue beat and raised its full-year guidance. The company posted net income of $1.345 billion, or $1.49 a share, for the quarter, down from $1.903 billion, or $2.10 a share, in the year-earlier period. Adjusted per-share earnings came to $1.62, below the $1.73 FactSet consensus. Revenue fell 11% to $6.960 billion from $7.810 billion, but was ahead of the $6.864 billion FactSet consensus. The revenue decline was driven by lower volumes as demand for its COVID antibody treatment waned. Excluding that treatment, revenue rose 10%. R&D costs rose 23% to $1.99 billion, mostly due to higher development costs for late-stage assets. The company is now expecting full-year revenue of $31.2 billion to $31.7 billion, up $900 million from earlier guidance. It expects adjusted EPS to range from $8.65 to $8.85. The FactSet consensus is for revenue of $30.6 billion and EPS of $8.41. Earlier, the company reported that its obesity drug tirzepatide achieved up to 15.7% weight loss in adults with obesity or overweight and type 2 diabetes in a late-stage trial. The stock has gained 2.9% in the year to date, while the S&P 500 SPX has gained 5.6%.

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