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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEli Lilly and Co. raised its guidance for the rest of the year Tuesday after reporting third-quarter earnings and revenue that exceeded analyst expectations.
The Indianapolis-based drug company reported third-quarter profit of $1.15 billion, or $1.12 per share, up from $555.6 million, or 53 cents per share, in the same quarter of 2017.
Earnings adjusted for amortization costs and asset impairment costs came to $1.39 per share, exceeding the average estimate of five analysts surveyed by Zacks Investment Research of $1.37 per share.
The drugmaker posted revenue of $6.06 billion in the period, up 7.1 percent from a year ago, also topping most forecasts.
Lilly now expects full-year earnings in the range of $5.55 to $5.60 per share, up from a prior range of $5.40 to $5.50.
Lilly’s revenue in the United States rose 11 percent year-over-year, to $3.4 billion, thanks largely to rising sales of diabetes drugs Trulicity and Basgalar, cancer treatment Verzenio and psoriasis medication Taltz.
Trulicity has overtaken Humalog as Lilly’s best-selling drug, with sales of $816.2 million in the quarter. On Monday Lilly announced that a new trial showed Trulicity reduced the risk of heart attack, stroke and heart-related death in patients with type 2 diabetes, a finding that should further boost sales.
Lilly shares fell 4.2 percent in early-morning trading Tuesday, to $105.50 per share, after rising $3.39 cents Monday, to $110.14.
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