Shares of Eli Lilly (LLY) fell sharply Thursday morning after the pharmaceutical giant's lowered profit projections outweighed first-quarter results that came in above analysts' expectations.

The drugmaker poste♓d adjuste🥃d earnings per share of $3.34 on revenue that increased 45% year-over-year to $12.73 billion. Analysts surveyed by Visible Alpha projected $3.25 and $12.62 billion, respectively.

Sales of Lilly's blockbuster weight-loss drugs Mounjaro and Zepbound rose to $3.84 billion and $2.31 billion, respectively. Mounjaro sales topped expectations of $3.76 billion and Zepbound fell just short of the $2.33 billion consensus.

Revenue Outlook Affirmed, Profit Forecasts Cut

Lilly affirmed its full-year revenue guidance, but lowered its profit forecasts. 澳洲幸运5官方开奖结果体彩网:Last quarter, it said it 𝐆exไpected 2025 revenue between $58.0 to $61.0 billion, with EPS from $22.05 to $23.55, and adjusted EPS of $22.50 to $24.00.

EPS is now forecast within a range of $20.17 to $21.67, while adjusted EPS is now projected at $20.78 to $22.28. The drugmaker said the reduction is due to "net losses on investments in equity securities," along with acquired in-process research and development (IPR&D) charges, which came in at about $1.57 billion in the first quarter.

Shares, which entered the day up more than 16% this year, were down ꦇmore than♌ 7% shortly after markets opened.

UPDATE—This article has been updated with the latest share price information.