Eli Lilly Expects 2023 Sales Growth, Plans Launch of Four New Medicines
December 13 2022 - 08:00AM
Dow Jones News
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 Will.Feuer@wsj.com
(END) Dow Jones Newswires
December 13, 2022 07:45 ET (12:45 GMT)
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