Eli Lilly and Company (NYSE: LLY) has reported higher earnings and revenues for the first quarter of 2022. The numbers also surpassed the consensus estimates.
The Indianapolis-based pharmaceutical company said its revenues grew15% year-over-year to $7.81 billion in the first quarter as volumes increased by 20%. Experts had predicted a slower revenue growth.
The positive top-line performance translated into a 63% increase in net earnings, on an adjusted basis, to $2.62 per share, which also came in above the market’s projection. Unadjusted profit increased to $1.9 billion or $2.10 per share from $1.36 billion or $1.49 per share in the first quarter of 2021.
Read management/analysts’ comments on Eli Lilly’s Q1 2022 earnings
“Lilly delivered another quarter of volume-driven revenue growth led by key products and anticipates 2022 to be an exciting year with several potential approvals and new pipeline events. With the depth of our pipeline, and growth of our medicines in the market, we are well-positioned to help address health challenges in areas of significant unmet medical need, such as obesity, Alzheimer’s disease, and cancer,” said David Ricks, CEO of Eli Lilly.