The Eli Lilly & Co. logo at the company’s Digital Health Innovation Hub facility in Singapore, on Thursday, Nov. 14, 2024.Â
Ore Huiying | Bloomberg | Getty Images
Eli Lilly cut its revenue guidance on Tuesday as it said demand for its weight loss and diabetes drugs would not meet its lofty expectations.
The drugmaker’s shares dropped more than 7% in midday trading Tuesday.
Eli Lilly said it now expects full-year 2024 revenue of about $45 billion. That’s lower than the $45.4 billion to $46 billion the company anticipated in October. The new outlook would still mark a 32% jump in revenue from the prior year.
Eli Lilly has been racing to meet soaring demand for its diabetes treatment Mounjaro and obesity drug Zepbound, investing billions to ramp up its manufacturing capacity of the company’s booming so-called incretin drugs. The efforts appear to be paying off: The Food and Drug Administration in December reaffirmed its decision to declare…
