REUTERS: Eli Lilly and Co reported lower-than-expected sales for its top-selling diabetes drug Trulicity and cut its full-year revenue forecast as it sees further hits from price declines in the United States, sending its shares down 3 percent.
Lilly said it now expects 2019 revenue to come in between US$22.0 billion and US$22.5 billion, lower than its prior forecast of US$25.1 billion to US$25.6 billion. Analysts had expected US$22.17 billion. Sales of psoriasis treatment Taltz, considered one of Lilly's growth drivers, came in at US$252.5 million, also falling short of analysts' estimates."The results will ... lead to some pressure on Lilly shares today given the underperformance of Trulicity and Taltz," said Credit Suisse analyst Vamil Divan.
Net income more than tripled to US$4.24 billion, or US$4.31 per share, in the quarter ended March 31, as the company benefited from a US$3.7 billion gain from its spin-off of animal health unit Elanco.
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