Eli Lilly and Company (NYSE: LLY) on Thursday reported lower earnings and revenues for the first quarter of 2023. The company also provided guidance for fiscal 2023.
The Indianapolis-based pharmaceutical company said its revenues declined 11% year-over-year to $6.96 billion in the first quarter, hurt by lower realized prices and a decline in volumes.
The weak top-line performance translated into a 38% fall in net earnings, on an adjusted basis, to $1.62 per share. Unadjusted profit decreased to $1.34 billion or $1.49 per share from $1.90 billion or $2.10 per share in the first quarter of 2022.
“Core business growth drove solid first-quarter financial results and a strong start for Lilly in 2023, which includes pipeline progress led by positive SURMOUNT-2 data for tirzepatide in obesity,” said David Ricks, CEO of Eli Lilly.