(Reuters) – Eli Lilly and Co on Thursday cut its full-year profit forecast for the second time after reporting a near one-third slump in quarterly profit on Thursday, hurt by lower prices of insulin and competition for its cancer drug, Alimta.
U.S. drugmakers have been pulled up by lawmakers in recent months over rising costs of insulin, and the U.S. House of Representatives in March passed a bill capping monthly out-of-pocket insulin costs for those with health insurance at $35.
Eli Lilly cut its 2022 adjusted profit forecast to $7.90 to $8.05 per share from $8.15 to $8.30 per share announced in April.
Lilly’s net income fell to $952.5 million, or $1.05 per share, in the second quarter ended June 30, from $1.39 billion, or $1.53 per share, a year earlier.
(Reporting by Leroy Leo and Manas Mishra in Bengaluru; Editing by Shinjini Ganguli)