Why Eli Lilly Stock Is Down Today

Shares of the pharma giant Eli Lilly (NYSE: LLY) were down by 5.7% as of 11:28 a.m. EDT on Thursday, after the company reported mixed second-quarter results before the market opened today.

There were a few things to appreciate about Eli Lilly's financial results. For instance, the company's adjusted net income of $1.7 billion was an increase of 24% compared with the prior-year quarter; adjusted earnings also increased by 26% to $1.89 per share. The company's EPS handily beat the average analyst estimate of $1.56. But revenue decreased by 2% year over year to $5.5 billion. Although Lilly reported higher sales volumes, these were offset by lower realized prices for some of its products.

In other good news for investors, the company raised its 2020 guidance, and now expects its adjusted EPS to come in between $7.20 to $7.40, up from its previous estimate of $6.70 to $6.90.

Source Fool.com