Eli Lilly Cuts 2020 Profit Forecast, Stands by Adjusted Profit Guidance
October 27 2020 - 7:21AM
Dow Jones News
By Matt Grossman
Eli Lilly & Co. Tuesday lowered its profit guidance for 2020
but kept adjusted profit and revenue forecasts intact, citing a
recovering trend for the health-care sector as the coronavirus
pandemic continues.
The drug maker said it expects full-year earnings per share to
be $6.20 to $6.40 a share. The company's previous forecast foresaw
earnings per share of $6.48 to $6.68.
It left unchanged previous forecasts for revenue, at $23.7
billion to $24.2 billion, and for adjusted earnings per share, at
$7.20 to $7.40.
Eli Lilly said it expects new prescriptions for patients to
continue to recover in the U.S. as the pandemic proceeds, and that
general health-care activity will accelerate following a slump
during the earlier stages of the pandemic as health-care providers
shift to telehealth.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
October 27, 2020 07:06 ET (11:06 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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