By Will Feuer


Eli Lilly & Co. said it expects sales to grow next year, driven by volume increases from key growth products, and the pharmaceutical company plans to launch up to four new medicines in the year ahead.

The Indianapolis-based company said it expects 2023 revenue of $30.3 billion to $30.8 billion, topping Wall Street expectations for 2023 sales of $30.19 billion, according to FactSet. The company expects sales this year to come in between $28.5 billion and $29 billion.

Adjusted earnings for 2023, which strip out amortization, are expected to be between $8.10 a share and $8.30 a share, below expectations of $9.16 a share, according to FactSet.

Research and development costs are expected to be in the range of $8.2 billion to $8.4 billion for 2023, while marketing, selling and administrative costs are seen being $6.9 billion to $7.1 billion.

Shares of Lilly fell almost 2% to $361.35 in premarket trading.

Chief Financial Officer Anat Ashkenazi said the company can deliver "top-tier, volume-driven revenue growth through at least 2030."

The company said its pipeline of potential medicines could result in up to four new launches next year, including of donanemab for early Alzheimer's disease and mirikizumab for Crohn's disease. Lilly said it could also launch lebrikizumab and pirtobrutinib next year.

"With limited patent expirations this decade, we believe these potential new medicines and the continued scaling of our key growth products will fuel our next wave of growth," Ms. Ashkenazi said.

The company said volume increases from key growth products in 2023 is expected to offset lower revenue from the loss of patent exclusivity of chemotherapy medication Alimta, effects from the strong U.S. dollar and no expected revenue from Covid-19 antibodies, which have been pulled by the U.S. Food and Drug Administration.


Write to Will Feuer at


(END) Dow Jones Newswires

December 13, 2022 07:45 ET (12:45 GMT)

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