Eli Lilly lifts revenue outlook on weight-loss drug sales, trims profit view on deal charges
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By Patrick Wingrove Oct 29 (Reuters) Eli Lilly raised its full-year revenue forecast and beat third-quarter earnings expectations on Thursday, propelled by surging demand for injectable weight-loss drugs that could allay investor concerns about price erosion in US government health plans. The Indianapolis-based drugmaker now expects full-year revenue of $91 billion to $92 billion, underscoring its expanding lead in the multibillion-dollar GLP-1 market over Danish rival Novo Nordisk that has propelled Lilly to a $1.2 trillion market valuation. Lilly trimmed its adjusted profit outlook, however, to $35.00 to $36.00 per share, as $4.57 per share of acquired research charges from recent deals more than offset a $4.07 improvement in underlying profit guidance at the midpoint. The charges, taken in the third quarter, are primarily related to the acquisitions of AtaiBeckley and Curevo, Lilly said. Shares of the company rose nearly 5% to $1,350 before the bell. Lilly previously forecast re