Eli Lilly & Co. (LLY) Shares Slide After Missing Estimates

Eli Lilly & Co. (NYSE: LLY) shares are down Thursday following its second-quarter earnings report, which saw it miss analyst estimates.

The drugmaker reported earnings of $1.25 per share, $0.46 below the analyst estimate of $1.71, while revenue came in at $6.49 billion versus the consensus estimate of $6.85 billion.

The company's revenue was impacted due to lower prices for insulin and declining sales of its Covid-19 treatment. The company announced separately on Wednesday that it plans to make its Covid-19 antibody drug commercially available in the US.

In addition, the company was impacted by foreign exchange headwinds.

"While we expect that our financial results will continue to be negatively impacted by foreign exchange rates, our revenue guidance for 2022 remains unchanged. Importantly, the inclusion of acquired in-process research and development and development milestone charges in our non-GAAP results will continue to impact comparisons to prior years," said Lilly Senior Vice President and Chief Financial Officer Anat Ashkenazi.

The pharmaceutical firm sees FY2022 earnings between $7.90 and $8.05 per share versus the consensus of $8.08.

By Sam Boughedda

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