Eli Lilly‘s first-quarter earnings missed expectations Thursday, but the pharmaceutical company raised its full-year guidance.
Before the earnings release, the company also reported positive data on its weight loss drug tirzepatide.
Eli Lilly shares rose more than 3% in morning trading.
The company’s revenue fell 11% compared with the same quarter last year, due to a $1.5 billion decline in sales from its Covid-19 antibodies. Lilly reported $6.96 billion in revenue for the quarter, which slightly topped analysts’ expectations, but sales declined from $7.81 billion in the prior-year quarter.
The company posted adjusted earnings of $1.62 per share, which missed analyst expectations of $1.73 a…