Eli Lilly shares slump after earnings report

Eli Lilly (LLY.US) shares fell over 5.5 % after the company posted weaker than expected quarterly figures. Drugmaker earned $1.54 per share while analysts' expected earnings of $1.71 per share. Revenue rose 5% to $5.741 billion from $5.477 billion in the previous quarter, but also came in below estimates of $5.875 billion due to the poor sales of its diabetes drugs. Also CEO David Ricks also pointed out to CNBC that investments in Covid-19 treatments that were not in its prior guidance also hurt results.

Separately, an independent committee recommended the end of clinical trials of Eli Lilly’s Covid-19 antibody drug bamlanivimab in combination with Gilead Sciences (GILD.US ) antiviral treatment remdesivir as it did not show a benefit.

Eli Lilly (LLY.US) stock tumbled to a nearly seven-month low during today's session. Currently price is testing local support at $133.00. If the current sentiment prevails, the downward move could be extended to the $122.40 handle. However, should bulls regain control, then resistance at $140.00 could be at risk. Source: xStation5

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