Eli Lilly cuts FY24 revenue view to ~$45B from $45.4B-$46B, consensus $45.55B

“While the U.S. incretin market grew 45% compared to the same quarter last year, our previous guidance had anticipated even faster acceleration of growth for the quarter. That, in addition to lower-than-expected channel inventory at year-end, contributed to our Q4 results. We continued to make progress on our manufacturing build-out, and U.S. supply across all doses of tirzepatide was available throughout Q4,” said David A. Ricks, Lilly chair and CEO. “The rest of our medicines performed within our expectations.”