(Corrects paragraph 3 to say revenue forecast is higher than estimate, not lower)
(Reuters) – Eli Lilly and Co forecast 2023 adjusted profit below estimates on Tuesday, bracing for pressure from a stronger dollar and revenue erosion in its cancer drug Alimta.
It expects adjusted profit between $8.10 and $8.30 per share in 2023, compared with analysts’ average estimate of $9.15 per share, according to Refinitiv IBES data. The 2023 forecast was, however, higher than the drugmaker’s expectation for this year.
The company anticipates 2023 revenue between $30.3 billion and $30.8 billion, higher than estimates of $30.12 billion.
It blamed “lower revenue for Alimta due to its loss of patent exclusivity, no anticipated COVID-19 antibody revenue, and the continued negative impact of foreign exchange rates.”
The company is also looking towards data releases and potential approvals for two of its most promising drug candidates next year – donanemab for Alzheimer’s disease and tirzepatide in obesity.
(This story has been corrected to say say revenue forecast is higher than estimate, not lower, in paragraph 3.)
(Reporting by Leroy Leo in Bengaluru; Editing by Devika Syamnath)
