Eli Lilly on Thursday reported third-quarter revenue and adjusted earnings that topped estimates on strong demand for its diabetes drug Mounjaro, but slashed its full-year profit guidance due to charges primarily related to its recent acquisitions.
Eli Lilly recorded pre-tax "in-process research and development" charges of $2.98 billion, which are primarily related to a slew of recent buyouts, including DICE Therapeutics, Versanis Bio and Emergence Therapeutics AG.
"This is essentially the future value of business development deals we have done," Eli Lilly CEO David Ricks said on CNBC's "Squawk Box" on Thursday.
But Eli Lilly reiterated its full-year revenue forecast of between $33.4 billion and $33.9 billion.
With a market cap of roughly $526 billion, Eli Lilly is the largest pharmaceutical company based in the U.S.
Persons:
Eli Lilly, Jardiance, David Ricks
Organizations:
LSEG, Therapeutics, U.S
Locations:
Mounjaro, Wednesday's