Lilly beats adjusted earnings and revenue target but trims its 2022 view

Eli Lilly & Co. shares dipped 1.1% in premarket trades on Tuesday after the drug maker trimmed its 2022 earnings outlook, but posted stronger-than-expected third-quarter results. Lilly's net income rose 31% to $1.45 billion, or $1.61 a share, from $1.11 billion, or $1.22 a share, in the year-ago quarter. Adjusted profit in the latest quarter totaled $1.98 a share. Revenue rose 2% from the year-ago period to $6.94 billion. Analysts expected Lilly to earn $1.91 a share on revenue of $6.89 billion, according to a survey by FactSet. Lilly lowered its outlook for 2022 adjusted earnings by 20 cents a share to $7.70 a share to $7.85 a share. Analysts currently expect Lilly to earn $7.95 a share. Lilly said its reduced outlook reflects the unfavorable impact of foreign exchange rates, as well as an impact of 6 cents a share associated with acquired in-process research and development milestone charges. Shares of Lilly are up 31.1% in 2022, compared to an 18.8% drop in the S&P 500 .

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