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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eli Lilly and Co | NYSE:LLY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-4.60 | -0.59% | 776.50 | 4,465 | 13:14:07 |
By Michael Calia
Eli Lilly and Co. offered an outlook for this year that fell below analysts' expectations, while the pharmaceutical company unveiled a growth strategy reliant on treatments for diabetes and cancer patients, as well as for animals.
The company said it expected to generate per-share earnings of $3.10 to $3.20 and revenue of $20.3 billion to $20.8 billion this year. Analysts polled by Thomson Reuters had projected $3.22 and $20.87 billion, respectively.
Shares of Eli Lilly fell more than 3% in recent premarket trading.
With patents expiring and generic competition growing, Lilly has sought to bolster its business development both with a growing pipeline and an expanding animal-health division.
"We are successfully moving from a challenging period of patent expirations to a period of resumed growth, led by diabetes, oncology and animal health," Chief Executive John C. Lechleiter said in a news release.
The company completed its $5.4 billion acquisition of Novartis AG's animal-health division about a week ago, capping a series of acquisitions in the field.
Lilly on Wednesday said it expects its first wave of revenue growth to come from product launches in the animal health, oncology and diabetes fields. The second wave, the company added, is expected to come from launches for cardiovascular disease, Alzheimer's disease, pain and other oncology products.
Lilly also said it would focus the product and revenue strategy on key areas such as China, Japan, the U.S. and other select markets.
The company also said that it plans to cut its operating expenses to 50% of revenue or less by the end of 2018.
Write to Michael Calia at michael.calia@wsj.com
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