LLY Eli Lilly and Co

By Matt Grossman

Eli Lilly & Co. Tuesday adjusted its full-year revenue and earnings guidance, tightening the forecast ranges and lowering the midpoint of its adjusted-earnings estimate.

Lilly now expects revenue of $26.6 billion to $27.6 billion for the year, compared with a prior forecast of $26.5 billion to $28 billion. Its new adjusted-earnings-per-share forecast is $7.80 to $8.00, compared with $7.75 to $8.40 previously.

The change represents the midpoint of the company's adjusted-earnings-per-share guidance range falling to $7.90, from $8.08 previously.

Covid-19 therapies will contribute revenue of $1 billion to $1.5 billion in the year, Lilly estimated.

Lilly also raised its forecast for research and development expenses to $6.9 billion to $7.1 billion, from $6.5 billion to $6.7 billion previously. The increase reflects new investments in potential Alzheimer's therapies, as well as $400 million to $500 million of continued investment in Covid-19 therapies, Lilly said.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

April 27, 2021 07:15 ET (11:15 GMT)

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