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Traders work beneath monitors displaying Eli Lilly & Co. signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, May 23, 2016.
Eli Lilly shares fell nearly 3 percent in premarket trade on Tuesday despite beating first-quarter earnings expectations.
Here’s how the company did compared with what Wall Street analysts polled by Thomson Reuters expected:
– Earnings: $1.34 per share vs. $1.13 per share expected.
– Revenue: $5.7 billion vs. $5.51 billion expected.
A Food and Drug Administration advisory committee voted Monday against approving a higher dose of Lilly and Incyte’s rheumatoid arthritis drug. The panel recommended it be approved in a lower dose.
In the first quarter, the pharmaceutical company reported net income of $1.22 billion, or $1.16 per share, compared with a loss of $110.8 million, or 10 cents per share, in the year earlier. When excluding variable items, Eli Lilly earned $1.34 per share, topping analysts surveyed by Thomson Reuters’ expectations of $1.13 a share.
Revenue increased 9 percent to $5.70 billion, beating expectations of $5.51 billion.
Lilly raised its full-year forecast to between $5.10 and $5.20 earnings per share, up the between $4.81 and $4.91 it previously guided. It also hiked its revenue expectation to between $23.7 billion and $24.2 billion from $23.0 billion and $23.5 billion.