Eli Lilly ( LLY ) shares tumbled 10% after its third-quarter results fell well short of analysts’ estimates before the bell Wednesday.

The pharmaceutical giant registered $11.44 billion in revenue —above last year’s $9.50 billion but below the $12.18 billion consensus estimate of analysts polled by Visible Alpha—as weight-loss drugs Mounjaro and Zepbound continue to boost Eli Lilly’s sales.

Lilly swung to a profit of $970.3 million, or $1.07 per share, but still well below the $1.69 billion and $1.87 per share analysts were looking for. Adjusted EPS of $1.18 was barely half of the $2.18 expected.

In the third quarter last year, Lilly reported a $57.4 million net loss as it recorded a nearly $3 billion charge for “in-progress research and development ” (IPR&D), as it closed a number of acquisitions in the quarter. Ahead of Wednesday’s earnings, the company said it expected to post a $2.83 billion charge, or about $3.08 per share, for IPR&D in Q3.

Lilly and Danish rival Novo Nordisk ( NVO )—which has its own blockbuster drugs in Ozempic and Wegovy—have spent billions on a variety of acquisitions to help ramp up production of their weight-loss medications.

Weight-Loss Drugs Have Powered Lilly, Novo Nordisk Results

Surging sales for the weight-loss drugs have boosted Eli Lilly and Novo Nordisk’s results over the last several quarters. Eli Lilly said sales of Mounjaro more than doubled year-over-year to $3.11 billion, while Zepbound produced $1.26 billion in quarterly sales as it approaches its one-year anniversary of Food and Drug Administration (FDA) approval.

Eli Lilly shares fell 10% to $814.11 after the results were released. They were up more than 50% since the start of the year entering Wednesday.