LONDON (ShareCast) - (Sharecast News) - American pharmaceuticals maker Eli Lilly reported continued core business growth and pipeline momentum in its first-quarter numbers on Thursday, despite missing Wall Street expectations on its earnings.
The company said revenue for the quarter was down 11% to $6.96bn, due to a decline in $1.47bn revenue from Covid-19 antibodies.

Revenue was still, however, above market estimates for $6.86bn, according to FactSet data.

However, excluding revenue from the antibodies, revenue was ahead 10%, driven by volume growth from Mounjaro, Trulicity, Verzenio, and Jardiance.

Due to the decline in Covid-19 antibodies revenue, Lilly's first-quarter earnings per share were 29% lower at $1.49 on a reported basis, and 38% weaker at $1.62 on a non-GAAP basis, both including 10 cents per share of acquired intellectual property research and development.

That was below the $1.73-per-share earnings expectations analysts polled by FactSet were expecting.

Lilly said its new products contributed $573.6m to revenue in the first quarter, led by Mounjaro, while revenue from growth products increased 18% to $4.56bn in the same period, led by Verzenio, Trulicity, Jardiance, and Taltz.

The company raised its 2023 reported earnings per share guidance by 28 cents, to be in the range of $8.18 to $8.38, and hiked its non-GAAP earnings per share guidance by 30 cents to between $8.65 and $8.85.

"Core business growth drove solid first-quarter financial results and a strong start for Lilly in 2023, which includes pipeline progress led by positive 'Surmount-2' data for tirzepatide in obesity," said chair and chief executive officer David Ricks.

"We also announced important price reductions to make insulin more affordable and accessible for people with diabetes, as well as a significant investment in manufacturing facilities.

"It is an exciting year for Lilly and we look forward to delivering more medicines for unmet health needs to more people around the world."

At 0741 EDT (1241 BST), shares in Eli Lilly and Company were up 2.87% in pre-market trading in New York, at $387.52.

Reporting by Josh White for Sharecast.com.

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