Eli Lilly posts slightly weaker than expected Q2 profits

US drugmaker Eli Lilly posted slightly weaker-than-expected second quarter results for its second quarter, despite a big jump in sales.

Revenues for the three months ending in June roe by 23% from the comparable year earlier period with volumes up by 22%.

Excluding Covid-related stocking patterns, revenues from Covid-19 antibodies and recent business development, sales were 12% higher.

According to the company, the "strong" sequential growth in revenues was testament to the continued recovery from the pandemic while sales from all of the company's key products increased during the quarter.

"We delivered strong performance this quarter, with volume-driven growth across our core business and most major geographies," Eli boss, David Ricks, added.

Management also highlighted the positive readouts during the quarter from clinical trials into its tirzepatide treatment for type 2 diabetes as well as for Jardiance in adults without diabetes but suffering from heart failure with preserved ejection fraction.

Second quarter net income declined by 2% during the quarter to $1.39bn on a reported basis.

In proforma terms however, net income and EPS jumped 29% to $1.70bn and $1.87 (FactSet: $1.89), respectively.

Regarding the outlook, Eli Lilly updated its guidance for earnings per share to $6.73-6.93 on a reported basis, while sticking to a guidance range of $7.80-8.0 (FactSet: $7.89) on a non-GAAP basis.