Eli Lilly (LLY) shares tu🌠mbled 12% at the opening bell Wednesday after its third-qu♚arter results fell well short of analysts' estimates and it lowered its full-year guidance.

The pharmaceutical giant registered $11.44 billion in revenue—above last year's $9.50 billion but below the $12.18 billion consensus estimate of analysts polled by Visible Alpha—as weight-loss drugs Mounjaro and Zepbound continue to boost Eli Lilly's sales. However, analysts were looking for greater salesꦰ of the blockbuster drugꦿs.

Lilly📖 swung to a profit of $970.3 million, or $1.07 per share, but still well below the $1.69 billion and $1.87 per share analysts were looking for. Adjusted EPS of $1.18 was barely half of the $2.18 expected.

Lilly Lowers 2024 Outlook

Lilly lowered its 2024 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) guidance to a range of $12.05 to $12.55 from $15.10 to $15.60, and adjusted EPS to $13.02 to $13.52 from $16.10 to $16.60. These were both driven by the $2.83 billion acquired in-progress 澳洲幸运5官方开奖结果体彩网:research and development (IPR&D) charges incurred in Q3.

L𝓰illy also lowered the top of 🅘its full-year revenue range to $46.0 billion from $46.6 billion.

Lilly and Danish rival Novo Nordisk (NVO)—which has its own blockbuster drugs in Ozempic and Wegovy—have 澳洲幸运5官方开奖结果体彩网:spent billions on a 澳洲幸运5官方开奖结果体彩网:variety of acquisitions to help ramp up producti༒on 🦩of their weight-loss medications.

Weight-Loss Drugs Have Powered Lilly, Novo Nor෴disk 🌼Results

Surging sales for the weight-loss drugs have boosted Eli Lilly and Novo Nordisk's results over the last several quarters. Eli Lilly said sales of Mounjaro more than doubled year-over-year to $3.11 billion, while Zepbound produced $1.26 billion in quarterly sales as it approaches its one-year anniversary of 澳洲幸运5官方开奖结果体彩网:Food and Drug Administration (FDA) approval.

However, ana𓂃lysts were looking for $3.69 billion in Mounjaro revenue and $1.71 billion in Zepbound sales.

Eli Lilly shares, which had been up more than 50% since the start of the year through Tuesday's close, fell 12% to $792.42 at the opening bell. Novo Nordisk stock fell more than 3%.

UPDATE—This story has been updated with the latest share price and guidance information.