Eli Lilly’s stock falls after 2024 guidance misses forecasts

Eli Lilly’s expectations for sales in the fourth quarter of last year missed forecasts, driven by lower-than-expected sales of its diabetes and obesity drugs Mounjaro and Zepbound. This is another notable stumble for the company after its third-quarter earnings report disappointed.

In the fourth quarter, the pharma giant expects to have brought in $13.5 billion in revenue, less than the $13.9 billion that analysts polled by FactSet had forecast. Lilly said the GLP-1 drugs Mounjaro and Zepbound are expected to have brought in $3.5 billion and $1.9 billion, respectively, in the fourth quarter.

The company also expects revenue from all of 2024 to be $45 billion, lower than the range of $45.4 billion to $46 billion that it had previously guided.