Pharmaceutical giant Eli Lilly and Company (NYSE: LLY) is gearing up to announce its fourth-quarter earnings, with analysts forecasting higher earnings and revenues for the final three months of FY23. The company has successfully diversified beyond its core business in recent years and is expected to benefit from the rapid growth of its diabetes and obesity drugs.
Despite entering 2024 on a positive note, Eli Lilly’s stock has seen consistent growth and reached an all-time high this week. With the stock maintaining an upward trend, it is anticipated to set new records in the upcoming months, having more than doubled in value since mid-2022.
Eli Lilly is scheduled to report its fourth-quarter results on February 6, at 6:30 a.m. ET. Analysts predict a 22% annual growth in Q4 revenues to $8.93 billion, with a projected 5% increase in adjusted earnings to $2.19 per share, reflecting the company’s strong top-line growth.
The company recently launched LillyDirect, an online direct-to-customer platform aimed at delivering its products, particularly diabetes, obesity, and migraine drugs. Following the acquisition of obesity drugmaker Versanis Bio, Eli Lilly has been expanding its presence in the weight loss market and has hinted at further partnerships in research and development.
During the Q3 earnings call, Eli Lilly’s CEO Dave Ricks highlighted the completion of the divestiture of the olanzapine portfolio, emphasizing the company’s focus on current and new product launches. The third quarter saw a 37% year-over-year jump in revenues to $9.5 billion, with adjusted profit nearly halving to $0.10 per share, surpassing Wall Street’s expectations.
In Q3, the Neuroscience revenue more than doubled, and the Diabetes segment expanded by an impressive 29%, driving the top-line growth. Sales of Immunology and Oncology products also grew in double digits, while the Other division registered a 63% increase.
