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  4. Eli Lilly cuts annual profit forecast for second time
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Eli Lilly cuts annual profit forecast for second time

(Reuters) - Eli Lilly (NYSE:LLY) and Co on Thursday cut its full-year profit forecast for the second time after reporting a near one-third slump in quarterly profit on Thursday,...
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Eli Lilly cuts annual profit forecast for second time © Reuters. FILE PHOTO: The logo of Lilly is seen on a wall of the Lilly France company unit, part of the Eli Lilly and Co drugmaker, in Fegersheim near Strasbourg, France, February 1, 2018. REUTERS/Vincent Kessler

(Reuters) - Eli Lilly (NYSE:LLY) and Co on Thursday cut its full-year profit forecast for the second time after reporting a near one-third slump in quarterly profit on Thursday, hurt by lower prices of insulin and competition for its cancer drug, Alimta.

U.S. drugmakers have been pulled up by lawmakers in recent months over rising costs of insulin, and the U.S. House of Representatives in March passed a bill capping monthly out-of-pocket insulin costs for those with health insurance at $35.

Eli Lilly cut its 2022 adjusted profit forecast to $7.90 to $8.05 per share from $8.15 to $8.30 per share announced in April.

Lilly's net income fell to $952.5 million, or $1.05 per share, in the second quarter ended June 30, from $1.39 billion, or $1.53 per share, a year earlier.

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01-05-2024 10:45:17 (UTC+7)

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 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
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 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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