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Eli Lilly Lowers FY19 Outlook - Quick Facts

While reporting its fourth-quarter financial results on Wednesday, Eli Lilly and Co. (LLY) said it expects the pending acquisition of Loxo Oncology to broaden the scope of its oncology portfolio into precision medicines. The company lowered its financial outlook for fiscal 2019.

Lilly plans to launch an exchange offer to Lilly shareholders in the first half of 2019 in order to divest its remaining ownership interest in Elanco Animal Health. Once the exchange offer is completed, Lilly will restate its 2019 financial guidance to reflect Elanco as discontinued operations.

For fiscal 2019, Lilly lowered its earnings outlook to a range of $4.57 to $4.67 on a reported basis and $5.55 to $5.65 on an adjusted basis, primarily due to the anticipated impacts of both the pending acquisition of Loxo Oncology and the negative Phase 3 confirmatory trial for Lartruvo, partially offset by a more favorable underlying business outlook.

The company now anticipates 2019 revenue between $25.1 billion and $25.6 billion.
Earlier, the company forecast fiscal 2019 earnings in a range of $5.52 to $5.62 on a reported basis, $5.90 to $6.00 on an adjusted basis, and revenue between $25.3 billion and $25.8 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.77 per share for the year on revenues of $25.27 billion. Analysts' estimates typically exclude special items.

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