NEW YORK (TheStreet) -- Shares of Eli Lilly (LLY) - Get Report were falling in pre-market trading on Tuesday as the company posted 2016 fiscal third-quarter results that missed analysts' expectations.
Before today's opening bell, Eli Lilly reported adjusted earnings of 88 cents per share, below Wall Street's estimated 96 cents per share.
Revenue grew 5% year-over-year to $5.19 billion, but fell short of analysts' projected $5.29 billion in revenue.
In 2015, the Indianapolis-based pharmaceutical company earned 89 cents per diluted share on revenue of $4.96 billion for the third quarter.
Eli Lilly said revenue outside the U.S. decreased 3% year-over-year to $2.84 billion in the 2016 third quarter, due to lower realized prices and volume stemming from losses of exclusivity for its antidepressant Cymbalta drug in Europe and Canada, its antipsychotic medication Zyprexa in Japan and its chemotherapy drug Alimta in several countries.
The company backed its 2016 earnings outlook of $3.50 to $3.60 per diluted share. Analysts are looking for adjusted earnings of $3.59 per share.
Eli Lilly now sees full-year revenue in the range of $20.8 billion to $21.2 billion vs. its prior estimate of between $20.6 billion and $21.1 billion.
Analysts are forecasting revenue of $21.2 billion.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Eli Lilly as a Buy with a ratings score of B+. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, impressive record of earnings per share growth and good cash flow from operations. Although the company may harbor some minor weaknesses, the team feels they are unlikely to have a significant impact on results.
You can view the full analysis from the report here: LLY