Eli Lilly slips after slashing full-year guidance

Eli Lilly slipped in premarket trading after it beat Wall Street estimates but cut its profit guidance for the year.

The company reported adjusted earnings per share of $3.34, compared to the $3.26 analysts polled by FactSet were expecting. The company reported $12.7 billion in sales, slightly higher than the $12.6 billion analysts were expecting. Sales of its two blockbuster diabetes and weight-loss drugs, Mounjaro and Zepbound, were in line with analyst estimates, too.

But the company also lowered its earnings outlook for 2025, which it attributed to higher-than-expected research costs. Management now expects annual adjusted earnings per share of $20.78 to $22.28, down from $22.50 to $24.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

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