Eli Lilly (LLY) jumped early Tuesday after the pharma behemoth reported adjusted earnings of $2.58 per share on $8.77 billion in first-quarter sales.
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On average, analysts polled by FactSet expected Lilly to earn $2.47 per share on $8.94 billion in sales. The company also reported $517.4 million in sales of weight-loss drug Zepbound, whereas analysts called for $373 million. The same drug as a diabetes treatment, Mounjaro, brought in $1.81 billion, vs. analysts’ forecast for $2.15 billion.
In the year-earlier period, Lilly earned $1.62 per share and reported $6.96 billion in sales.
For the year, the company raised its EPS guidance by $1.30 and sales by $2 billion. It now expects EPS of $13.50-$14 and revenue of $42.4 bilion-$43.6 billion. The Street projected earnings of $12.49 per share and $41.44 billion in sales.
Eli Lilly Stock
In premarket trades on today’s stock market, shares jumped nearly 7% to about 786, signaling a gap above the 50-day moving average. Eli Lilly stock has a flat base with a buy point at 800.78, according to MarketSurge.
Investors could use a downward-sloping trendline or the March 28 high of 793.67 as early entries.
Novo Nordisk (NVO), which sells diabetes and weight loss drugs Ozempic and Wegovy, popped 3%, set to move off its 50-day moving average. That could serve as an early entry for NVO stock, which has a 138.28 buy point from a flat base.
Novo Nordisk reports early Thursday.
More to follow.
Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.
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