Three weeks before releasing its 2015 financial report, Indianapolis-based Eli Lilly and Co. (NYSE: LLY) has lowered its earnings outlook. The company now expects earnings per share to be between $2.28 and $2.33, compared to previous expectations of $2.40 to $2.45 per share. Chief Executive Officer John Lechleiter says the pharmaceutical company is still entering 2016 "in a position of strength anticipating continued growth."
The company primarily attributes the adjustment to the previously-announced acquisition of rights to a diabetes treatment from Canada-based Locemia Solutions.
He says "we’ve stayed true to our commitment to innovation, and it’s paying off for patients and shareholders. Lilly continues to deliver on our financial commitments while advancing our pipeline and launching new medicines." Lechleiter continues "we enter 2016 in a position of strength anticipating continued growth. Our goal is to sustain the flow of valuable medicines from our pipeline to improve patients’ lives and create value for shareholders."
Looking ahead to the 2016 results, Lilly expects earnings per share to be in the range of $2.92 to $3.02.
Chief Financial Officer Derica Rice says 2016 is a big year for the company. "We expect multiple regulatory actions across therapeutic areas including diabetes, oncology and immunology. This will be another important year for execution of our innovation-based strategy, which will solidify our near- to medium-term growth prospects."
Lilly plans to release fourth quarter and full-year 2015 financial results January 28.