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Eli Lilly Stock Hits Record High On Trulicity Sales, Alzheimer's Drug Plans

Eli Lilly trims its reported profit forecast for the full-year 2021 year after weaker-than-expected June quarter earnings.

Eli Lilly & Co.  (LLY) - Get Eli Lilly and Company (LLY) Report posted weaker-than-expected second quarter earnings Tuesday, and trimmed its full-year profit guidance, but noted a solid gain in sales of its blockbuster diabetes treatment.

Shares hit a fresh record high, however, thanks in part to comments from the company that it will file seek approval for its donanemab Alzheimer's treatment from the Food & Drug Administration later this year. 

Eli Lilly said adjusted profits for the three months ending in June were pegged at $1.87 per share, just shy of the Street consensus forecast of $1.89 per share. Group revenues, Eli Lilly said, rose 22.5% from last year to $6.74 billion, modestly ahead of analysts' forecasts of a $6.62 billion tally.

Looking into the second half of the year, Eli Lilly said it sees reported earnings in the region of $6.73 to $6.93, down from a prior range of $7.03 to $7.23 per share, with revenues in the region of $26.8 billion to $27.4 billion. The drugmaker's non-GAAP forecast remains unchanged at $7.80 to $8.00 per share.

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"We delivered strong performance this quarter, with volume-driven growth across our core business and most major geographies. We accelerated use of our newest medicines around the world with solid sequential growth versus first-quarter 2021," said CEO David Ricks. "We had another robust period of pipeline milestones, as we announced plans to submit tirzepatide in type 2 diabetes and donanemab in Alzheimer's disease to regulatory authorities later this year, as well as positive results for Jardiance in patients with heart failure with preserved ejection fraction."

"We continue to increase investment in our future and look forward to several additional pipeline events in the second half of the year, along with the continued strengthening of our business," he added.  

Eli Lilly shares were marked 3.235% higher in early trading immediately following the earnings release to change hands at $254.58 each. The stock hit a record high of $256.04 earlier in the session.

Worldwide sales of its COVID antibody treatment hit $148.9 million Eli Lilly said, down sharply from $810.1 million over the first three months of the year. Trulicity, the group's blockbuster diabetes treatment, notched $1.536 billion in global sales, a 25% increase from last year.