Biogen Profit Beats Street Estimates as Cost-Cutting Takes Hold [BNN Bloomberg (Canada)]
Eli Lilly and Company (LLY)
Last eli lilly and company earnings: 4/23 06:25 am
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Source: BNN Bloomberg
Adjusted earnings for the quarter were $3.67 a share, the Cambridge, Massachusetts-based company said Wednesday in a statement, while analysts surveyed by Bloomberg had expected $3.44. Revenue of $2.3 billion was roughly in line with analysts' predictions. Sales of Leqembi were about $19 million, well ahead of analysts' average expectation of $7 million. Chief Executive Officer Christopher Viehbacher, who took Biogen's reins in late 2022, has deployed a plan called “Fit for Growth” that promises cost savings. In July, Biogen said it would cut 1,000 jobs — more than 11% of its workforce — and reduce operating expenses by an additional $700 million by 2025. Biogen is also seeking a boost from Leqembi, developed in partnership with Japan's Eisai Co., as sales of its mainstay multiple sclerosis medications decline. The first drug shown to slow progression of Alzheimer's, the mind-robbing disease that afflicts some 6 million Americans, Leqembi gained full US approval last year. Sinc
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LLY
Earnings
- 4/30/24 - Beat
LLY
Sec Filings
- 5/3/24 - Form SD
- 4/30/24 - Form 10-Q
- 4/30/24 - Form 8-K
- LLY's page on the SEC website