Eli Lilly Q3 Earnings: Mounjaro Sales More Than Double, Takes $2.98 Billion Hit To Profit, Cuts Annual Outlook, Stock Tanks

On Wednesday, Eli Lilly and Co (NYSE:LLY) stock plummeted after the company released worse-than-expected third-quarter earnings and lowered 2024 guidance.

The U.S. pharma giant reported third-quarter revenue of $11.44 billion, up 20% year over year, but it missed the consensus of $12.10 billion.

The increase was driven by a 15% increase in volume and a 6% increase due to higher realized prices, partially offset by a 1% decrease from the unfavorable impact of foreign exchange rates.

The volume increase was primarily driven by growth from Mounjaro and Zepbound, ...