Eli Lilly Had a Strong Year in 2022. It's Expecting an Even Better 2023.
Eli Lilly (NYSE: LLY) was one of the best and safest healthcare stocks you could have bought last year. Its 32% returns in 2022 dwarfed those of the S&P 500, which fell 19% amidst the worst year the stock market has endured since the financial crisis. Despite macroeconomic headwinds, Eli Lilly generated positive year-over-year growth. And its results could be even better this year.
Last month, Eli Lilly released its updated guidance, which covers the year ahead. For 2022, the healthcare company is projecting that its top line will come in between $28.5 billion and $29 billion, which wouldn't be far different than the $28.3 billion it reported in 2021. But its earnings per share (EPS) could reach $6.65, which would represent a more impressive 9% increase from the previous year.
That's a good, modest growth rate for the business. And Eli Lilly investors can expect an even better performance in 2023. For this year, the company is projecting sales to rise to up to $30.8 billion. While that may seem underwhelming, it's due to several factors: a loss in exclusivity in oncology medicine Alimta, no COVID-19 antibody revenue, and a negative impact from foreign exchange.
Source Fool.com
