Eli Lilly and Co (NYSE:LLY) shares were on the back-foot in pre-market deals as news of a delayed decision for a new drug overshadowed second quarter financials that were ahead of expectations.
Second quarter net profit increased to US$1.01bn from US$747mln in the same period of last year.
It comes as quarterly revenue increased by 8% to US$5.82bn, ahead of market expectations set at US$5.59bn.
The drug maker separately revealed that more clinical work will be needed before a resubmission to the Food & Drug Administration for the new drug application of a rheumatoid arthritis, which is now going to be delayed beyond the end of this year.
Eli Lilly shares were down around 3% at US$82 shortly after the open while Incyte Corporation (NASDAQ:INCY), the other partner in the potential RA treatment, fell more than 3.5% to trade just at US$133.25.