RTTNews | Oct 26, 2021 07:09AM EDT

07:08 Tuesday, October 26, 2021 (RTTNews.com) - While reporting weak earnings and higher revenues in its third quarter, drug maker Eli Lilly And Co. (LLY) on Tuesday trimmed its fiscal 2021 earnings view on a reported basis, while raised adjusted earnings and revenue forecast above market estimates.

In pre-market activity on the NYSE, Lilly shares were gaining around 2.02 percent to trade at $250.

For the year, the company now projects adjusted earnings of $7.95 to $8.05, higher than previous view of $7.80 to $8.00.

On average, eight analysts polled by Thomson Reuters expect earnings of $6.8 per share. Analysts' estimates typically exclude special items.

On a reported basis, full-year earnings per share are now expected to be in the range of $6.38 to $6.48, down from previous view of $6.73 to $6.93. The outlook reflects a decline of 5 percent to 6 percent from last year.

Further, revenue for the year is now expected to be $27.2 billion to $27.6 billion, higher than previous estimate of $26.8 billion to $27.4 billion. Analysts estimate revenues of $23.52 billion.

The outlook revision reflects additional revenue from COVID-19 antibodies and the underlying core business. Estimated revenue from COVID-19 antibodies is now expected to be approximately $1.3 billion.

Lilly also announced its U.S. submission of tirzepatide in type 2 diabetes using a priority review voucher and initiation of a rolling submission for donanemab to the FDA for accelerated approval in early Alzheimer's disease.

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