INDIANAPOLIS — Eli Lilly withdraws 2024 forecast after underwhelming Wall Street with third-quarter earnings and sales two important drugs missed these expectations.

The drugmaker cut its earnings forecast by a few dollars on Wednesday After increasing this estimate Well ahead of analyst expectations in previous quarters. Following the announcement, company shares fell.

Sales of Lilly’s diabetes treatment Mounjaro and weight-loss specialist Zepbound were hurt in the quarter as U.S. drug wholesalers reduced inventories they had built up in previous quarters.

The company generated $3.1 billion in sales from Mounjaro and $1.3 billion from Zepbound, which entered the US market. almost a year ago.

TD Cowen analyst Steve Scala said in a note that sales of both drugs were in line with expectations and he wanted to learn more about whether the decline was a “temporary plateau or a new trend.”

Leerink Partners analyst David Risinger also said that although Lilly’s results were disappointing, it maintained an “outperform” rating on the stock. He noted that Lilly “has just begun commercializing its obesity products worldwide.”

Lilly CEO David Ricks told analysts Wednesday that demand for Mounjaro and Zepbound is strong and continues to grow. He also said all doses are available.

Company leaders also said pharmacy-compounded versions of tirzepatide, the active ingredient behind Mounjaro and Zepbound, did not have a major financial impact on the company but did pose a safety concern.

Lilly also said Wednesday that sales of Trulicity, another diabetes treatment, fell 22% in the quarter to $1.3 billion.

The company also recorded higher research and development and marketing, sales and administrative expenses compared to last year’s third quarter.

In total, Lilly earned $970 million, and adjusted results totaled $1.18 per share.

Revenue rose 20% to $11.44 billion.

Analysts expected earnings of $1.45 per share on revenue of $12.09 billion, according to FactSet.

For the full year, Lilly expects adjusted earnings to range between $13.02 and $13.52 per share. The company had forecast more than $16 per share in August; this was more than $2 above the estimate at the time.

Analysts now expect adjusted earnings of $13.42 per share.

Lilly’s new forecast range is mostly below the company’s forecasts in April. But earnings in the new range will be more than double the figure the company recorded for 2023.

Shares of Indianapolis-based Eli Lilly and Co. fell 6%, or $57.02, to $846.56 in midday trading, while broader indexes were slightly higher.

The stock price reached an all-time high of $972.53 in late August, according to FactSet. Shares have fallen since then, but as of Tuesday they were still up 55% so far this year.