Eli Lilly posted earnings Tuesday that surprised and disappointed investors, as both sales and profit figures fell below Wall Street expectations. The company also cut its forecasts for earnings for the year.
The company reported first-quarter sales of $6.81 billion, compared to $7 billion forecast by analysts. Earnings per share excluding one-time items, used by analysts to track business performance, were $1.87, compared to a consensus forecast of $2.12. Earnings this year, the company said, will also be below what analysts expect.
Lilly shares dropped 3% to $182 in morning trading. Shares are up about 16% over the past 12 months.
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