Eli Lilly reported third-quarter earnings and revenue below Wall Street expectations, reducing its full-year adjusted profit outlook. The pharmaceutical company cited weaker sales of its weight loss drug, Zepbound, and diabetes treatment, Mounjaro. High demand in the U.S. for Eli Lilly’s incretin drugs has led to significant investments in manufacturing expansion by the company and its competitor Novo Nordisk. Although supply has improved, the FDA cautions that patients may still encounter occasional delays at certain pharmacies. Shares fell 10% in premarket trading following the report.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Eli Lilly reported third-quarter earnings and revenue below Wall Street expectations,
00:06reducing its full-year adjusted profit outlook.
00:09The pharmaceutical company cited weaker sales of its weight-loss drug,
00:12ZepBound, and diabetes treatment, Monjaro.
00:15High demand in the U.S. for Eli Lilly's incredible drugs has led to significant
00:20investments in manufacturing expansion by the company and its competitor, Novo Nordisk.
00:24Although supply has improved, the FDA cautions that patients may still encounter occasional
00:29delays at certain pharmacies. Shares fell 10% in pre-market trading following the report.