Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.
Shares of Eli Lilly & Co. LLY, +0.10% dropped 1.8% in premarket trading Thursday, after the drug giant reported a surprise third-quarter profit but slashed its full-year outlook, due primarily to acquired in-process research and development charges. The company swung to a net loss of $57.4 million, or 6 cents a share, from net income of $1.45 billion, or $1.61 a share, in the year-ago period.
50 billion, above the FactSet consensus of $9.00 billion, as volume increased 31% and prices were up 6%. Volume got a $1.42 billion boost from the sale of rights for the olanzapine portfolio and from growth from drugs including Jardiance, Trulicity, Verzenio, Mounjaro and Taltz, which offset the absence of COVID-19 revenue. For 2023, the company cut its adjusted EPS guidance range to $6.50 to $6.70 from $9.70 to $9.90, as acquired IPR&D guidance increased by $2.
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