Eli Lilly cuts annual profit forecast for second time

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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.