Eli Lilly (NYSE: LLY) trended lower in morning trading on Tuesday after the pharma company’s FY23 earnings guidance fell short of consensus estimates. LLY has forecasted adjusted earnings to be between $8.10 and $8.30 per share but still short of consensus estimates of $9.06.
The pharma giant expects FY23 revenues to be in the range of $30.3 billion to $30.8 billion.
The company also announced a 15% increase in the annual dividend for the fifth consecutive time in FY23.
Anat Ashkenazi, Lilly’s EVP and CFO commented that the company plans “to invest in our four significant potential new launches next year. With limited patent expirations this decade, we believe these potential new medicines and the continued scaling of our key growth products will fuel our next wave of growth. “
Analysts are bullish about LLY with a Strong Buy consensus rating based on 13 Buys and two Holds
