Earnings

Eli Lilly cut its 2019 profit forecast on Wednesday, hit by a recent trial failure of conditionally approved cancer treatment Lartruvo and costs related to its pending acquisition of Loxo Oncology.

The company, which is focusing on cancer drugs, said last month it would buy Loxo Oncology Inc for $8 billion.

Lilly said it now expects 2019 adjusted earnings per share of between $5.55 and $5.65, compared with an earlier forecast of $5.90 to $6.00.

For the full year, the company now expects revenue to be between $25.1 billion and $25.6 billion, compared with its prior forecast of $25.3 billion to $25.8 billion.

The company posted net income of $1.13 billion, or $1.10 per share, in the fourth quarter ended Dec. 31, compared with a net loss of $1.66 billion, or $1.58 per share, a year earlier, when it recorded charges related to the U.S. tax overhaul.

Excluding items, it earned $1.33 per share, slightly below the average analyst estimate of $1.34 per share.

Revenue rose 4.5 percent to $6.44 billion, beating the average analyst estimate of $6.29 billion, according to IBES data from Refinitiv.

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