Eli Lilly Shares Fall 2% Premarket As 2016 Outlook Lags Estimates

Eli Lilly & Co. shares fell 2% in premarket trade Tuesday, after the drug company offered guidance for 2016 that was below current FactSet consensus levels. Eli Lilly said it expects revenue to range from $20.2 billion to $20.7 billion for the year, and adjusted per-share earnings to range from $3.45 to $3.55. The FactSet consensus is for EPS of $3.65 and revenue of $21.6 billion. The company reiterated its outlook for adjusted 2015 EPS of $3.40 to $3.45, compared with the FactSet consensus of $3.44. The company said its late-stage pipeline includes 9 potential new medicines or diagnostic agents, which are either already in Phase III development or at the submission stage. "We expect multiple regulatory actions across therapeutic areas including diabetes, oncology and immunology," said Derica Rice, Lilly's executive vice president for global services and chief financial officer, in a statement. Shares have climbed 19.5% in the last 12 months, while the S&P 500 is down 0.4%.