Eli Lilly (NYSE:LLY) shares slumped more than 10% on Thursday after the pharmaceutical giant posted weaker-than-expected earnings for the first quarter, missing Wall Street estimates by $0.12 per share.

The Indianapolis-based company reported earnings per share of $3.34, compared with analysts' forecast of $3.46. Quarterly revenue came in slightly ahead at $12.73 billion, edging past the consensus of $12.72 billion.

Looking ahead, Eli Lilly narrowed its full-year guidance. It now expects fiscal 2025 EPS in the range of $20.78 to $22.28, falling short of the $22.40 analysts had penciled in. Revenue is projected between $58 billion and $61 billion, bracketing the average estimate of $59.57 billion.

Lilly's stock had gained nearly 11% over the past three months and was up about 14% year-on-year before the sell-off. The results come amid a string of recent downward revisions to its EPS outlook, with five cuts and no upgrades in the past 90 days.