Eli Lilly on Thursday reported third-quarter revenue and adjusted earnings that topped estimates on strong demand for its diabetes drug Mounjaro, but slashed its full-year profit guidance due to charges primarily related to its recent acquisitions.

Here’s what Eli Lilly reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

• Earnings per share: 10 cents per share adjusted vs. 13 cents loss per share expected
• Revenue: $9.50 billion vs. $8.95 billion expected

For the quarter ended Sept. 30, Eli Lilly posted a loss of $57.4 million, or six cents a share, compared with a profit of $1.45 billion, or $1.61 a share, a year earlier. Excluding one-time items, the company posted a per-share profit of 10 cents.

Revenue jumped 37% to $9.5 billion.

Eli Lilly recorded pre-tax “in-process research and development” charges of $2.98 billion, which are primarily related to a slew of recent buyouts. That compares to charges of $62.4 million in the third quarter of 2022.

The company lowered its 2023 adjusted earnings guidance to a range of $6.50 to $6.70, from a previous range of $9.70 to $9.90 per share.

With a market cap of roughly $526 billion, Eli Lilly is the largest pharmaceutical company based in the U.S. The company’s stock has been on a tear this year, with shares up nearly 52% through Wednesday’s close. 

That’s primarily due to the company’s blockbuster diabetes drug Mounjaro and its promising lineup of obesity drugs. 

Investors have pinned high hopes on Mounjaro’s potential mega-blockbuster trajectory beyond diabetes, with some research suggesting that it may be even more effective at reducing weight than Novo Nordisk‘s popular Wegovy and Ozempic injections. 

Earlier this year, Eli Lilly filed for Food and Drug Administration approval of the injection for chronic weight management.

Eli Lilly shares also got a boost by recent late-stage data from rival Novo Nordisk, which found that its obesity treatment Wegovy reduced the risk of cardiovascular events like heart attack and stroke by 20%. The results suggest that Wegovy and similar obesity and diabetes medications like those in development by Eli Lilly and others could have long-lasting health benefits beyond shedding unwanted pounds.

Eli Lilly will hold an earnings call with investors at 9:00 a.m. ET.

This is a developing story. Check back for details.