Eli Lilly’s third-quarter sales and earnings were lower than expected, a rare stumble for the company that had consistently reported strong sales and beat earnings forecasts since demand for its blockbuster weight loss and diabetes drugs began booming.
The company reported Wednesday overall revenue of $11.4 billion, lower than the $12.2 billion expected from analysts polled by Visible Alpha. Adjusted earnings per share also came in lower than expected at $1.18.
Lilly said sales of its GLP-1 drugs were affected by drug wholesalers buying less product. The diabetes treatment Mounjaro brought in $3.1 billion and the obesity medication Zepbound brought in $1.3 billion, lower than analysts’ predictions of $3.6 billion and $1.7 billion, respectively.
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