Eli Lilly forecasts annual profit above estimates

Eli Lilly forecasts annual profit above estimates

(Reuters) – Eli Lilly and Co forecast full-year profit above Wall Street estimates on Thursday, banking on rising demand for its new diabetes drug Mounjaro to offset pressure from waning sales of some of its older treatments.

The company now expects 2023 adjusted full-year earnings of $8.35 to $8.55 per share, above analysts expectations of $8.28 per share profit, according to Refinitiv.

The upbeat forecast comes as the drugmaker is betting on the launch of five new treatments this year to drive its growth through the decade, including Alzheimers drug candidate donanemab and its new diabetes treatment Mounjaro, enabling its entry into multi-billion dollar markets.

Excluding items, the U.S. drugmaker earned $2.09 per share for the fourth quarter, also beating analysts average expectations of $1.78 per share profit.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna Chandra Eluri)

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