01:07 PM EST, 01/14/2025 (MT Newswires) -- Shares of Eli Lilly ( LLY ) tumbled intraday Tuesday after the drugmaker lowered fourth-quarter and full-year revenue expectations amid slower-than-expected growth in its US incretin division.

The company now expects fourth-quarter revenue of about $13.5 billion, down $400 million from its previous outlook's low end. Analysts polled by FactSet expected $13.93 billion. Shares of Lilly slid 7.5% in midday trade.

The top-line guidance, which implies growth of 45% from the same period of 2023, includes $3.5 billion in quarterly sales for Lilly's diabetes treatment, Mounjaro, and $1.9 billion for weight-loss drug Zepbound.

"While the US incretin market grew 45% compared to the same quarter last year, our previous guidance had anticipated even faster acceleration of growth for the quarter," Chief Executive David Ricks said in a statement. "That, in addition to lower-than-expected channel inventory at year-end, contributed to our (fourth-quarter) results."

Non-incretin revenue likely grew by 20% in the quarter, led by "strong performance" in oncology, immunology and neuroscience, Ricks said.

For the full year, Lilly now forecasts revenue of about $45 billion, below the $45.4 billion to $46 billion range it provided at the end of October. The FactSet consensus is for 2024 revenue of $45.47 billion.

The outlook indicates year-over-year growth of 32%. The company is expected to report fourth-quarter and 2024 results on Feb. 6.

The pharma giant's initial expectations for 2025 include revenue between $58 billion and $61 billion, marking growth of 32% at the midpoint of 2024's guidance. Analysts are modeling for sales of $58.44 billion in the ongoing year.

The company plans to bring additional manufacturing capacity online and expects "to produce at least 60% more salable doses of incretins in the first half of the year compared to the first half of 2024," Ricks said.

Price: 734.67, Change: -62.81, Percent Change: -7.88