Why Eli Lilly Stock Is Down Today
Shares of Eli Lilly (NYSE: LLY) were dropping sharply on Tuesday, down by 5.3% as of 12:12 p.m. EDT after falling by as much as 6.2% earlier. Investors are reacting to the drugmaker's disappointing third-quarter earnings report, which it released before the market opened today.
During its third quarter, Eli Lilly's revenue came in at $5.7 billion. While that was a 5% increase from last year's third quarter, it also came in short of the $5.91 billion analysts were expecting on average. This was despite several of the company's products performing well during the quarter. For instance, sales of diabetes medicine Trulicity increased by 9% year over year to $1.11 billion, while revenue from plaque psoriasis treatment Taltz soared by 34% to $454.5 million.
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Source Fool.com
