(Reuters) – Eli Lilly and Co on Tuesday cut its annual profit forecast for the third time, as a stronger dollar piled more pressure on the drugmaker struggling with lower insulin prices and generic competition for its cancer drug.
The company now expects adjusted full-year earnings of $7.70 to $7.85 per share, compared to its prior forecast of $7.90 to $8.05. The drugmaker said it took an additional $300 million hit from the stronger dollar.
Multinational companies such as Abbott Laboratories and Johnson & Johnson have been hit by the dollar’s strength against a basket of currencies.
Sales of Mounjaro, Lilly’s newly-approved diabetes drug, was $187.3 million, with over half coming from the United States.
(Reporting by Bhanvi Satija and Leroy Leo in Bengaluru; Editing by Sriraj Kalluvila)
