INDIANAPOLIS (AP) — Eli Lilly fell well short of Wall Street’s first-quarter expectations, and the drugmaker chopped the top end of its earnings forecast due to lower demand for COVID-19 treatments.
Shares of the Indianapolis company started sliding early Tuesday morning.
Lilly said it now expects 2021 adjusted earnings to range from $7.80 to $8 per share after predicting in late January a range of $7.75 to $8.40.
Analysts forecast, on average, earnings of $8.24 per share, according to FactSet.
Lilly pulled in $810 million in the quarter from sales of COVID-19 treatments and expects to bring in as much as $1.5 billion from the drugs this year. But the company also said it changed its adjusted earnings outlook mainly due to lower expected demand for the treatments and higher research and development costs.
COVID-19 vaccines are being widely delivered across the United States, and the changing virus has limited