Eli Lilly and CompanyNYSE: LLY

On November 1, 2024, Eli Lilly and Company announced that they will present data from their Phase 3 trial (EMBER-3) for imlunestrant, an oral selective estrogen receptor degrader (SERD), at the San Antonio Breast Cancer Symposium (SABCS) from December 10-13 in San Antonio, TX. The EMBER-3 study focuses on advanced breast cancer that is estrogen receptor positive (ER+) and human epidermal growth factor receptor 2 negative (HER2-). This will be the first time the data is shared in a late-breaking oral presentation.

The market reacted too strongly to Lilly's lower-than-expected earnings for the third quarter and the reduction in their full-year forecast.

Bank of America continues to support Eli Lilly and Co (NYSE:LLY) even though the sales of its weight loss and diabetes medications, Zepbound and Mounjaro, were disappointing in the third quarter. The bank maintained a 'buy' rating and expressed a positive outlook for Eli, citing improvements in manufacturing challenges and a rise in on-demand activities.

Sales of Zepbound and Mounjaro fell short of Wall Street's expectations by a large amount.

The acquisition that Eli Lilly finished in August significantly influenced the earnings forecasts for 2024. This event has had a major effect on how analysts view the company's financial performance next year.

Eli Lilly and Company (NYSE:LLY) will hold its Q3 2024 Earnings Conference Call on October 30, 2024, at 10:00 AM ET. Key company participants include Joe Fletcher, the Senior Vice President of Investor Relations, and several other executives. The call will also feature analysts from various financial institutions.

U.S. stocks rose as trading came to a close, with the Dow Jones index increasing by about 0.1% on Wednesday.

Eli Lilly's impressive growth this year was disrupted by a significant cut to its full-year 2024 forecast after the Q3 earnings report released this morning. The small revenue shortfall in Q3 emphasizes the unstable supply chain issues affecting its top-selling products, Zepbound and Mounjaro. Additionally, investors were surprised by a large charge related to the acquisition of Morphic Holdings in Q3.

Eli Lilly's popular weight loss medication Zepbound and diabetes drug Mounjaro had lower sales than anticipated in the third quarter, despite recovering from significant shortages in the U.S. The company attributed this shortfall to drug wholesalers reducing their stock of Zepbound and Mounjaro.