No surprises

As we anticipated earnings season during COVID is falling into a predictable pattern and the results released by Lilly this morning are an example. During the first quarter patients stocked up on prescription medications such as insulin. This resulted in higher than anticipated sales during the quarter a trend which reversed itself in the second quarter as sales of Humalog declined by 18%.

As the company noted in the earnings press release;

“The company estimates that the COVID-19 pandemic negatively impacted worldwide revenue in the second quarter of 2020, including approximately $250 million of decreased customer buying that largely . . .

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