Eli Lilly Cuts Annual Profit Forecast on Stronger Dollar
Seeking Alpha2022-11-01
Eli Lilly and Co on Tuesday cut its annual profit forecast for the third time, as a stronger dollar piled more pressure on the drugmaker struggling with lower insulin prices and generic competition for its cancer drug.
The company now expects adjusted full-year earnings of $7.70 to $7.85 per share, compared to its prior forecast of $7.90 to $8.05.
The drugmaker said it took an additional $300 million hit from the stronger dollar.
Multinational companies such as Abbott Laboratories and Johnson & Johnson(JNJ.N)have been hit by the dollar's strength against a basket of currencies.
Sales of Mounjaro, Lilly's newly-approved diabetes drug, was $187.3 million, with over half coming from the United States.
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