RTTNews | Dec 15, 2021 07:15AM EST

07:15 Wednesday, December 15, 2021 (RTTNews.com) - Eli Lilly and Company (LLY) has updated certain elements of its 2021 guidance on both a reported and non-GAAP basis. Earnings per share is now expected to be in the range of $6.18 to $6.23 on a reported basis and $8.15 to $8.20 on a non-GAAP basis. Gross margin as a percent of revenue is still expected to be approximately 75 percent on a reported basis and is now expected to be approximately 78 percent on a non-GAAP basis. The company's previous guidance was non-GAAP earnings per share in a range of $7.95 to $8.05.

For 2021, Eli Lilly now expects revenue to be in the range of $28.0 billion to $28.3 billion, reflecting additional revenue from COVID-19 antibodies associated with the recent purchase agreement with the U.S. Government and the channel impact of the updated 2022 NRDL formulary in China. Previous revenue guidance was $27.2 to $27.6 billion.

Analysts polled by Thomson Reuters expect the company to report profit per share of $7.13 on revenue of $24.57 billion. Analysts' estimates typically exclude special items.

For 2022, Eli Lilly expects earnings per share to be in the range of $8.00 to $8.15 on a reported basis and $8.50 to $8.65 on a non-GAAP basis. The company anticipates 2022 revenue between $27.8 billion and $28.3 billion.

Eli Lilly said it is on track to meet goal of launching 20 new medicines over the 10-year period from 2014 to 2023. Also, the company announced initiation of rolling submission to FDA for pirtobrutinib in mantle cell lymphoma, revealed new phase 3 trials planned for tirzepatide in obesity outcomes, sleep apnea and kidney disease, and released new biomarker data supporting donanemab efficacy.

"We believe the continued uptake of our key growth products coupled with our anticipated upcoming launches will allow Lilly to deliver top-tier, volume-driven revenue growth through at least 2030," said Anat Ashkenazi, CFO.

Shares of Eli Lilly were up 4% in pre-market trade on Wednesday.

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